Economic News - September 9, 2008

Pending Home Sales Index - July 2008

• Pending Home Sales Index: 86.5


• Monthly Change: Down 3.2%


• Yearly Change: Down 6.8%

Wholesale Trade - July 2008

• Wholesale Sales: $410.6 billion


• Monthly Change: Down 0.3%


• Year-to-year Change: Up 16.5%

Pending home sales fell in July

The National Association of Realtor’s Pending Home Sales Index fell 3.2% in July.
The June index was revised upward slightly for a total increase of 5.8%
from May to June (and a net increase from May to July). On a
year-over-year basis, the index was down 6.8% nationally, 2.4% in the
Midwest, 13.4% in the South, 13.2% in the Northeast and the index was
up 6.5% from July 2007 in the West.

Japanese economy further in the hole

Japanese economic indicators dropped again in July following large losses in June. The Leading Index for Japan dropped 0.5%, while the Coincident Index which fell 0.2% in July. The yen fell on the news.

Housing Market Remains Weak

Pending home sales dropped 3.2% in July, reversing gains in June. Job openings and hiring continued to decline.

EU Pledges Closer Ties to Kiev

The EU said it would build closer economic and political ties with Ukraine
but stopped short of inviting the country to join the 27-nation bloc.

OPEC Will Curtail Oil Output

OPEC ministers decided to scale back output in the face of falling prices and slowing demand growth.

China Inflation Cools to Slowest Pace in a Year as Food Price Gains Ease China's inflation cooled to the
slowest pace since June 2007 on smaller gains in food prices,
giving the central bank more room to stimulate growth in the
world's fourth-largest economy.

Japan's Wholesale Inflation Eases for First Time in 11 Months as Oil Drops

Japan's wholesale inflation rate
slowed for the first time in 11 months as oil and commodity costs
fell, signaling price pressures are starting to ease in the
world's second-largest economy.

U.K. Economy Contracts for First Time Since at Least 1996, Institute Says

The U.K. economy is contracting for
the first time in at least a decade, the National Institute for
Economic and Social Research said.

U.S. Sales of Previously Owned Homes Decline 3.2%, Adding to Property Glut

Fewer Americans signed contracts to
purchase previously owned homes in July as harder-to-get
financing kept would-be buyers from taking advantage of lower
prices.

China's August Export Growth Slows to 21.1% on Weakening Global Demand

China's export growth slowed,
adding pressure for more government measures to protect jobs and
stimulate the world's fourth-biggest economy.

US economists boost 2008 GDP forecast-Blue Chip

WASHINGTON, Sept 10 (Reuters) - A sharp upward revision in

U.S. gross domestic product for the second quarter of 2008
prompted economists to ratchet up their forecasts for growth
for the whole year, a survey released on Wednesday showed.

CFOs more optimistic about U.S. economy -- survey

NEW YORK, Sept 10 (Reuters) - Chief financial officers are
more optimistic about the direction of the U.S. economy, but
remain concerned about consumer demand and weak credit markets,
according to a quarterly survey.