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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (171406)	6/9/2002 8:43:51 PM
From: Box-By-The-Riviera™	Respond to of 436258

before that GSC, I suspect it will be the double dip that tips the last man standing, not the other way around. just guessing.

To: Crimson Ghost who wrote (171406)	6/9/2002 8:45:31 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 436258

WRAPUP 1-German jobs data exposes weak spot of euro economy June 07, 2002 09:08 AM ET Email this article Printer friendly version By Nick Tattersall BERLIN, June 7 (Reuters) - German unemployment saw its sharpest rise in five years on Friday, helping explain why consumer spending in the euro zone remains weak and threatens its economic recovery. Joblessness in the euro zone's largest economy surged 60,000 in May to 4.042 million -- more bad news after an unexpected April rise in regional unemployment earlier in the week. "It was beginning to look as if (German unemployment) had turned the corner, but this figure has more than reversed that," said Robert Prior-Wandesforde, an economist at HSBC in London. "It bodes very badly for consumer spending...but it is consistent with stronger productivity growth to come." The euro zone jobless rate unexpectedly registered its first increase since January on Tuesday, climbing to 8.3 percent in April from 8.2 percent the previous month. In contrast, U.S. jobs data on Friday showed a better than expected outcome with May non-farm payrolls up 41,000 and the jobless rate falling to 5.8 percent from 6.0 percent in April. Economists had expected the jobless rate to edge up to 6.1 percent in May, the highest in 7-1/2 years, with 58,000 new jobs created. The performance on both sides of the Atlantic performance underlines the differences between the U.S. and European recoveries. Weak consumption meant that Germany, and the entire euro zone, was only saved from recession by export earnings in the first quarter of the year and until employment levels pick up, there is not much hope for higher spending. On the other hand, industrial production is rebounding -- as signalled by a climb in the OECD leading indicator for the euro zone in April, which was also released on Friday. Because the linkage between the two is investment and job creation, a lag in unemployment makes a difference to the pace with which spending picks up and euro zone recovery takes off. RECOVERY DOUBTS This is clouded by uncertainty, a fact underscored on Thursday by the European central bank when it left interest rates on hold for the last 7-1/2 months. Analysts and government officials say they expect an economic recovery to filter through to the German jobs market in the second half of this year. A German government spokesman noted that German April orders data released on Thursday had come in above expectations and gave cause for optimism. "It shows that the recovery is gaining stability and will reach the labour market, although not at the pace the government would like," government spokesman Uwe-Karsten Heye told a news conference. Evidence of gradual recovery has been slowly accumulating with the April reading of the OECD "early warning" indicator on economic prospects rising for the sixth month in a row for Europe, Japan and the industrialised world overall. But it fell for the first time in as many months for the United States. The Organisation for Economic Co-operation and Development said its leading indicator index for the 12-nation euro currency zone rose 0.5 points to 113.3 in April from 112.8 in March. Economists consider the OECD indicator as one of the most reliable of a wide range of leading indicators used to spot likely changes in economic growth prospects at an early stage. reuters.com

To: Crimson Ghost who wrote (171406)	6/9/2002 9:00:53 PM
From: Haim R. Branisteanu	Read Replies (2) \| Respond to of 436258

'Coalition' to oppose single currency By Andy McSmith, Chief Political Correspondent (Filed: 10/06/2002) The campaign to stop Britain joining the single currency will be a coalition including Labour and Liberal voters, trade unions, businessmen and the Tory party, Iain Duncan Smith, the Conservative leader, insisted yesterday. Although he vowed that the Tories would be "vigorously" involved, Mr Duncan Smith was implicitly backing the strategy set out by Dominic Cummings. Mr Cummings, director of strategy at Conservative Central Office, had earned a public rebuke last week for suggesting that the best chance of winning a referendum on the euro would be to avoid giving the impression that it was a Tory campaign. He said that "about the only thing less popular than the euro is the Tory party." While leading Conservatives were appalled by Mr Cummings's choice of words, many thought that his strategy was right. Mr Duncan Smith sidestepped the question of which is more despised by the public, the Conservative Party or the euro, when he told yesterday's Breakfast with Frost programme: "Actually every political party is less popular than the pound." 6 June 2002[News]: Tory aide's own goal over euro referendum No vote money.telegraph.co.uk