Economic News - August 27, 2008

Durable Goods Orders - July 2008

Nondefense Capital Goods Change: Up 6.3%

Weekly Mortgage Applications Survey - August 27, 2008

Purchase Index: 315.9
Change: Up 0.6%

Oil report mostly more of the same

US petroleum inventories were a mixed bag this week with total commercial petroleum inventories up 2.3 billion barrels...
On the demand side, there were minor fluctuations, but total products supplied was down again from last year by 3.6%.

More good news for housing market

The housing market got a bit more good news this week with a small
increase in mortgage applications and a small drop in the average
30-year Fixed Rate Mortgage (FRM) rate and points paid.

Drop in exports hurt Australia in June

Falling exports took their toll on the Australian economy in June, with
the leading index down 0.5% and the coincident index unchanged. With
commodity prices dropping in July, Australian exports could well take
another hit before recovering as lower prices and better economic
growth abroad help exports regain steam.

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Worker Confidence Sinks to '01 Level

American workers' confidence in the job market is as low as it was during the 2001 recession, according to a new survey.

Inflation Data Damp ECB Rate-Cut Hopes

Slowing German inflation suggested price growth in the euro zone likely peaked
during July, but ECB officials tried to damp market expectations that
interest rates might be reduced soon.

Durable-Goods Orders Climb

Demand for expensive goods rose 1.3% in July, an unexpected gain, thanks to a
dollar-fueled export boom that analysts warn may soon fade as overseas
growth slows. A barometer of business-equipment spending climbed by
2.6%.

Philippines' Economic Growth Weakens to 4.6%; Slowest Pace in Three Years

The Philippine economy expanded at the slowest pace since 2005 as consumer spending waned, posing a
challenge to the central bank as it increases interest rates to fight the fastest inflation in 16 years.

Asean, India Finish Free Trade Agreement on Goods to Spur Trade by a Third

Southeast Asian nations completed negotiations with India for a free trade agreement on goods that
aims to increase commerce between the countries by a third over the next two years.

Australia's Mining Boom Drives Faster-Than-Forecast Business Investment

Australian business investment rose more than twice as much as economists forecast in the second quarter as mining companies spent extra on machinery and
equipment to meet demand from China.

Japan investors dumped foreign bonds last week

U.S. Treasury balances at Fed lower on Aug. 26

Canada economy seen skidding in 2nd-quarter

U.S. holiday sales seen slowest since 2001 -- ICSC