US consumer confidence hits record low

FT.com Financial Times
By James Politi in Washington
Published: October 28 2008 13:59 | Last updated: October 28 2008 15:34

US consumer confidence plummeted to its lowest level on record this month, as the deepening of the financial crisis made Americans suddenly much more pessimistic about their current situation and prospects.


Consumer confidence fell from a reading of 61.4 in September to 38 this month – the lowest level since the index was established more than 40 years ago and well below economists’ expectations that it would drop to 52.


The previous all-time low in the index was set in December 1974, when consumer confidence fell to a level of 43.2.


Most economists are predicting that consumption, which accounts for a large chunk of US gross domestic product, will shrink in the second half of 2008.


The bleak report on consumer confidence came an hour after it emerged that US home prices suffered a record drop of 16.6 per cent over the year to August 2008 – slightly worse than the annual drop of 16.3 per cent in July.


The worst price declines on an annual basis were in Phoenix, where prices have fallen by 30.7 per cent since August 2007, and Las Vegas, where prices have fallen by 30.6 per cent over the same period.


In US economic decline, worst is yet to come

Agence France-Presse
Published: Thursday October 30, 2008

WASHINGTON (AFP) – The US economy contracted in the third quarter as panicked consumers slashed spending, data showed Thursday in the first downside leg of what analysts say could be a deep and nasty recession.


In its first reading of gross domestic product (GDP) in the July-September period, the Commerce Department said output of goods and services fell at a 0.3 percent annual pace amid a sharp retrenchment by consumers and businesses.


The drop in gross domestic product (GDP) was the first negative figure since the fourth quarter of 2007.





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PM Putin suggests Russia, China ditch dollar in trade deals

Published on 28-10-2008
Source: RIA Novosti

MOSCOW - Russian Prime Minister Vladimir Putin proposed on Tuesday that Russia and China gradually switch over to national currency payments in bilateral trade, expected to total $50 billion in 2008.

モスコー: ロシアのブラディミールプーチン首相は火曜日、ロシアと中国は徐々に相互貿易で自国の貨幣に変更してはどうかと提案した。2008年の総額は5億ドルに達すると予想される。

"We should consider improving the payment system for bilateral trade, including by gradually adopting a broader use of national currencies," Putin told a bilateral economic forum.


He admitted the task would be tough, but said it was necessary amid the current problems with the dollar-based global economy.


Chinese Prime Minister Wen Jiabao described strengthening bilateral relations as "strategic."


"Mutual investment by Russia and China has already exceeded $2 billion, this is a very good index," Jiabao said.


He praised the success of numerous projects, including additional construction of China's Tianwan nuclear power plant and the opening of a joint pharmaceuticals center in Moscow.


A number of large Russian companies, including state-run oil producer Rosneft and aluminum champion RusAl, are seeking to develop investment projects in China, Jiabao said.


The Chinese premier said bilateral cooperation in the helicopter industry, mechanical engineering, the energy sector, timber production and innovation sector was also showing signs of progress.


"China is a staunch supporter of Russia's accession to the WTO, but is categorically against politicizing the issue," Jiabao said.


The Russian premier invited Chinese investors to join Russian timber projects.


"We welcome both domestic and foreign investment in Russia's timber sector," Putin said. "As one of the largest consumers of our products, China could be a source of such investment."


He also offered Beijing Russia's assistance in developing a large passenger plane on the basis of Russia's experience with its wide-bodied Il-96 aircraft.


Ejnews :本当にロシアと中国がドルを処分すると大変な事になるでしょうね。アメリカでは大統領選挙が最終段階に入りました。昨日は経済的に苦しんでいるミドルクラスの4家族を紹介したオバマ候補のインフォーマーシャルが放映され評判は良かったようです。アメリカには政治を左右するシンクタンクと言う組織が多く在り、殆どが保守的な存在ですがジョージ ソロスの支援で創設されたThe Center for American Progressザ センター フォー アメリカン プログレス(CAP)と言う未だ創設から数年しか経たないシンクタンクは既にオバマ氏が大統領になった時の就任式の演説の内容の制作、政権の政策指針をまとめた26ページのドキュメントをオバマ陣営に配布しているとの事です。CAPの多くのメンバーはビルクリントン政権で働いた人達だそうで組織の政策方針はクリントン政権と同じ傾向だと予想されます。オバマ氏が大統領になった場合の就任式の演説には"エネルギーの生産、消費。経済の活性化。他国との交流を含めた国家の安全保障。の3つの重要な政策変化が示されているとの事です。



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