Business this week

Posted: August 9, 2013 in economy
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UK Only Article: 
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How is Britain’s economy really doing?

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Britain’s recovery gathered pace. Industrial output grew by 1.2% year on year, the fastest rate since January 2011, with manufacturing up by 2%. The composite purchasing managers’ index, a measure of business activity in which a reading above 50 indicates growth, stood at 59.5 in July, the perkiest since records began in 1998. See article

The Italian economy also performed better than expected, though it still shrank by 0.2% from April to June. GDP has now sagged for eight consecutive quarters, making this Italy’s longest post-war recession. Output languishes 8.8% below its peak in 2007. See article
Forward thinking
Mark Carney, the new governor of the Bank of England, used “forward guidance” to set expectations for the path of future interest rates. He vowed to keep the bank’s benchmark rate at 0.5% as long as unemployment stays above 7%, unless this threatens financial stability, raises inflation expectations or pushes inflation forecasts too high. See article
Raghuram Rajan, a former chief economist at the IMF, was …

via Economic Crisis


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