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ARTICLE · 22 OCTOBER 2002

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

Lines Overseas Management
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North America

  • The housing sector continues to be strong, as demonstrated by the surge in housing starts in September - - handily beating consensus forecasts. Unfortunately, the rest of the data on economic activity point to a softer outlook for the economy than many have been expecting. The latest reading of the index of leading economic indicators, which is down for the fourth month in a row, tells us that, at the very least, economic growth is likely to remain weak in the short run.
  • Currently, industrial production is slipping, and struggling hard to get a footing. The trade deficit has widened, acting as a drag on the economy. And, manufacturers are busy cutting inventory, indicating that they see few signs of sales growth picking up. Normally, inventory reductions feed back into lower industrial output.

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