Conditions in the US economy deteriorated for consumers and businesses in the month to July 14, as the Fed warned that “the pace of economic activity slowed somewhat since the last report [on June 11]”. The report highlighted that consumer spending was “sluggish or slowing” across the country, despite the fact that the US government has injected about $100bn into the economy through tax rebate cheques, designed to spur shopping, since early May. Meanwhile in Europe, Angela Merkel, the German chancellor, said a “clear economic slowdown” appeared unavoidable. “The economic context in which we are operating is certainly not getting easier,” she said.

This entry was posted by James Fontanella on Thursday, July 24th, 2008 at 5:32 and is filed under Capital markets, People. Tagged with angela merkel. Edit this entry.