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ARTICLE · 14 JANUARY 2003

Financial Summary on North America, Europe and Asia-Pacific Regions

Lines Overseas Management
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BermudaWealth Management

North America

  • The very weak US employment report, last week, poured cold water over hopes for a fast-reviving economy. It is unusual to see back-to-back monthly job losses - - in November and December - - at this stage of the cycle, and emphasises the reluctance of the corporate sector to increase hiring until they are sure that conditions are improving. Currently, firms are more than willing to put the squeeze on their cost base - - including material inputs, labour and, not least, hapless suppliers.
    • So, what does a fragile labour market portend for consumer spending? Optimists will say that even with a 6% unemployment rate it still leaves 94% of the labour force employed. True, but the employed are going to find that income growth this year is likely to be more modest than they had initially expected. Certainly, the President wants to give them more disposable income via tax breaks, but in an uncertain economic and geopolitical environment households may want to save

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