Economic News - August 7, 2008

Pending Home Sales - June 2008

# Pending Home Sales Index: 89.0
# Monthly Change: Up 5.3%
# Yearly Change: Down 12.3%

Money Supply (M1 and M2) - August 7, 2008

M1 Annual Change (Unadjusted): Up $19.8 billion
M2 Annual Change (Unadjusted): $438.2 billion

Jobless Claims - August 7, 2008

# Initial Claims: 455,00
# Change from Last Week: Up 7,000

Consumer Credit - June 2008

Total rate of change: 6.7%

Another month of bad news for British economy

European, British rates unchanged

Korean economic indicators dropped like a brick in June

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Japan Economy Probably Shrank as Exports Fell, Bringing a Recession Closer

Japan's economy probably contracted last quarter, bringing the country to the brink of its first recession in six years, as exports fell and consumers spent less.

Japan's Bank-Lending Growth Stalls in July for First Time in Seven Months

Lending growth at Japanese banks stalled in July after accelerating for six months, as the nation's economy moved closer to a recession, making small companies more cautious about borrowing.

China's Trade Surplus May Narrow, Prompting Policies to Stimulate Economy

China's trade surplus probably fell for a fourth straight month, increasing the likelihood of more government measures to sustain the economy's expansion rather than stamp out inflation.

Rising Grain Costs Hit Consumers

Companies throughout the food chain are changing the way they do business in response to soaring grain costs, and consumers are likely to bear the brunt in the form of rising food prices.

Mexico inflation keeps rising, rate hike expected

Jobless claims up, special factors cited again