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To: SecularBull who wrote (93340)	2/1/1999 11:31:00 AM
From: Mohan Marette	Respond to of 176387

<World Economy> Tidbits from Financial Times. Economics February 1 1999 MONDAY 1400 GMT Next update 1800 GMT UK manufacturing index falls The Chartered Institute of Purchasing and Supply's latest index of manufacturing showed the sector contracted for the 10th month running in January, dropping to 42.4, the third-lowest reading in the survey's seven-year history. The index was at 42.8 in December. A reading of below 50 on the index indicates contraction in the industry. Two of the five components of the survery suggested an easing in the rate of contraction in January but the other three fell at a faster rate than in December. Related article US personal spending sees festive increase US personal spending in December increased by 0.8 per cent compared to a rise of 0.2 per cent in November, largely due to seasonal spending. Personal spending was at its highest since a rise of 1 per cent in May 1998. Personal income grew by 0.5 per cent from 0.4 per cent the previous month. Related article Italian retail sales up 4% The Italian statistics office Istat said retail sales in medium and large companies in Italy rose 4 per cent year-on-year in November. Istat said retail sales index (1995=100) was at 116.2 in November compared with 111.8 the previous year. In the first 11 months of 1998, retail sales rose 2.8 per cent. The November increase included a 6.8 per cent rise in sales at distribution centres, while sales at smaller outlets rose 3.4 per cent.Related article UK consumer borrowing indicates rate rise Figures released by the Bank of England showed that Britain's consumer borrowing rose a net £745m ($1.23bn) in December, after a revised £1.3bn increase in November. The surprisingly modest climb confirmed the results of a slow Christmas on the high streets and may increase the pressure on the Bank of England's monetary policy committee to cut interest rates when it meets this week.Related article Euro-zone money supply slows Money supply in the 11-nation euro zone slowed to an annual rate of 4.5 per cent in December, from 4.7 per cent in the previous month. The three-month average reamed steady in December at 4.7 per cent. The European Central Bank set the desired M3 monetary growth in the euro zone at 4.5 per cent for 1999. Related article