World major economy outlook in briefs

 EconBriefs

China: Consumers less confident

An index of consumer confidence fell for the first time in six quarters on expectations that the price of goods and services will keep increasing.

The measure dropped to 104 in the third quarter from 109 in the previous three months, according to a statement from Nielsen Co and the Chinese statistics bureau's Economic Monitoring and Analysis Centre. October's inflation hit a two-year high of 4.4%, up from 3.6% in the preceding month.

India: Slower output

Industrial production growth unexpectedly slowed to a 16-month low in September, signalling consumer demand is waning after Asia's fastest round of monetary policy tightening this year. Output at factories, utilities and mines rose 4.4%, after a revised 6.9% increase in August.

Singapore: Easing retail sales

Retail sales excluding motor vehicles rose at a slower pace in September after the economy contracted last quarter. The index measuring purchases excluding automobiles climbed 5.3% from a year earlier after gaining a revised 6.4% in August. Including vehicles, which are sold subject to government caps, total retail sales rose 0.3%.

US: Tame inflation

The cost of living rose less than forecast in October and housing starts dropped, validating Federal Reserve chairman Ben Bernanke's decision to give the economy another dose of monetary stimulus.

Consumer prices excluding food and fuel increased 0.6% from October 2009. October retail sales rose 1.2%, the most in seven months brightening the outlook for holiday shopping even as unemployment holds near 10%.

Consumers seemed to have gained confidence in November for the first time in three months, raising the odds that an improving job market and increasing wages and stock prices will lift spending.

Europe: Economic growth weakens

September exports from the 16-nation euro zone rose a seasonally adjusted 0.6% from August, while imports fell 2.5%. A trade surplus of 2.4 billion euros was recorded, up from 1.7 billion euros in the previous month.

Economic growth, however, weakened in the third quarter from the fastest pace in four years as governments' austerity measures to cut record budget deficits dented the recovery.

Gross domestic product rose 0.4% from the second quarter, when it increased 1%. Industrial output fell 0.9% in September from the previous month, the largest drop in 18 months.

The region is also grappling with how to handle the sovereign-debt crisis, which has pushed Irish bond yields to records and weakened the euro on concern the European Union may need to step in.

UK: Less jobless claims

Jobless claims unexpectedly fell in October, suggesting the labour market is recovering. The number of people receiving unemployment benefits declined by 3,700 from September to 1.47 million, the first drop since July. Unemployment measured by International Labour Organisation methods fell 9,000 to 2.45 million people in the quarter through September. - by staronline