Surging US economy leads global recovery
Mark Tran and agencies
Friday February 6, 2004
The US economy strengthened considerably in December, leading the global economic recovery and leaving Europe and Japan behind, the Organisation of Economic
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Cooperation and Development (OECD) said today.
The upbeat assessment of the US economy from the OECD came just hours ahead of a meeting of finance ministers from the G7 group of leading industrialised countries, with the weakness of the dollar the prime subject of concern.
"Moderate to strong recovery lies ahead in the OECD area," the organisation said in a statement. "December data signal continued strong improvement in the United States but weaker development for Italy."
For the 30-nation membership of the OECD, the December leading indicator - a pointer of future economic activity - rose to 123.6 from 122.8 in November. The reading for the US was 133.3 (up from 131.7), the 12-nation euro currency zone struggled up to 123.8 (from 123.5), and Japan managed a weak increase of 0.2 to 102.3. Of the G7 economies, only Italy showed weaker development, its index slipping to 106.3 in December from 107.8 in November.
The OECD's data will give John Snow, the US treasury secretary, something to crow about amid unease - especially in the eurozone - at the fall of the dollar, which threatens to hurt European exports and, by extension, the fledgling recovery in continental Europe.
http://www.guardian.co.uk/business/story/0,3604,1142714,00.html
And this article is in a left-wing UK newspaper.
Mark Tran and agencies
Friday February 6, 2004
The US economy strengthened considerably in December, leading the global economic recovery and leaving Europe and Japan behind, the Organisation of Economic
ADVERTISEMENT
Cooperation and Development (OECD) said today.
The upbeat assessment of the US economy from the OECD came just hours ahead of a meeting of finance ministers from the G7 group of leading industrialised countries, with the weakness of the dollar the prime subject of concern.
"Moderate to strong recovery lies ahead in the OECD area," the organisation said in a statement. "December data signal continued strong improvement in the United States but weaker development for Italy."
For the 30-nation membership of the OECD, the December leading indicator - a pointer of future economic activity - rose to 123.6 from 122.8 in November. The reading for the US was 133.3 (up from 131.7), the 12-nation euro currency zone struggled up to 123.8 (from 123.5), and Japan managed a weak increase of 0.2 to 102.3. Of the G7 economies, only Italy showed weaker development, its index slipping to 106.3 in December from 107.8 in November.
The OECD's data will give John Snow, the US treasury secretary, something to crow about amid unease - especially in the eurozone - at the fall of the dollar, which threatens to hurt European exports and, by extension, the fledgling recovery in continental Europe.
http://www.guardian.co.uk/business/story/0,3604,1142714,00.html
And this article is in a left-wing UK newspaper.
