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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: TH who wrote (14045)	10/26/2004 8:22:38 AM
From: mishedlo	Respond to of 116555

U.S. weekly chain store index falls 0.6% Tuesday, October 26, 2004 12:03:41 PM afxpress.com WASHINGTON (AFX) -- Sales at U.S. retail chain stores fell 0.6 percent last week after sinking 0.2 percent the previous week, the International Council of Shopping Centers and UBS reported Tuesday. Sales momentum increased to 3.7 percent year-over-year. "Though this past week we saw sales decline, customer traffic remained healthy - especially in the South - while cooler temperatures helped seasonal apparel demand at discounters and department stores," said Michael Niemira, ICSC's chief economist. This story was supplied by CBSMarketWatch.

To: TH who wrote (14045)	10/26/2004 8:23:29 AM
From: mishedlo	Respond to of 116555

UK manufacturing orders and output growth sluggish over last 3 months - CBI Tuesday, October 26, 2004 10:39:41 AM afxpress.com LONDON (AFX) - The UK's manufacturing recovery is stalling under the weight of slowing demand and higher costs, particularly of raw materials, the UK's leading business lobby group said today In its quarterly industrial trends survey, the Confederation of British Industry found evidence of sluggish orders and output growth over the last three months With margins under pressure, the CBI said manufacturers have not been able to recoup the effects of high oil and commodity prices and plan to scale back investment and reduce headcount. The CBI found that 31 pct of manufacturers reported higher orders in the last quarter and 27 pct reported a fall. The ensuing balance of +4 pct compares to +2 in the previous quarter, +18 pct in April and +13 pct in January Though output increased for the fourth successive quarter, growth was at its slowest rate this year, the CBI said The survey found that 28 pct of manufacturers reported higher output and 22 pct reported a fall, with the ensuing balance of +6 pct, down on the previous quarter's +7 pct and +15 pct recorded in April Looking ahead, the CBI found that production is expected to hold up in the next three months, with an expected balance of +14, but that new orders are expected to grow at a much slower pace of +3 pct during the period, casting doubt on prospects for continued robust growth. As a result, the CBI said manufacturers have cut their investment forecasts and will reduce capital expenditure on plant and machinery, as well as cutting back on jobs. These factors have impacted on overall business optimism, the CBI said. After three successive quarters of increases, the last quarter saw a fall in confidence, the CBI said, with only 17 pct of firms saying they were more optimistic about the general business situation against 27 pct saying they were less optimistic The ensuing balance of -10 pct, the lowest since July 2003, compares with +7 pct in July, +12 pct in April and +17 pct in January Ian McCafferty, the CBI's chief economic adviser, said manufacturers are cutting back on investment and jobs as they become less confident in the pace of recovery. "Oil and commodity prices are damaging profitability and we expect this pressure on margins to be maintained," he said "Taking into account everything else we know about the economy as well, we urge the Bank of England to keep interest rates on hold for the foreseeable future," he added