Well here's another data point for the 'now just hang on a minute' dossier:
Europe's Services Expand at Slowest Pace in 7 Months
European service industries from banking to telecommunications, the biggest part of the economy, expanded at the slowest pace in seven months in August after oil and interest rates rose.
Royal Bank of Scotland Group Plc said today its index based on a survey of 2,000 purchasing managers in the dozen euro nations fell to 57.1 from 57.9 in July, its second straight drop. Economists expected a reading of 57.5, the median of 37 estimates in a Bloomberg survey. A level above 50 indicates growth. Services account for about one third of the economy.
Expansion in the euro region may have peaked in the first half after registering the fastest pace since 2000. Since then, surveys across the $10 trillion economy have indicated dimming consumer and business confidence and a manufacturing slowdown as the European Central Bank signaled it will probably raise borrowing costs further to contain inflation.
So based on a rudimentary headcount that makes the US, Japan and the eurozone to be slowing, leaving the global economy train to be pulled by China, India, Brazil etc, all of whome to greater or lesser degress need to export to those who are slowing. Anyone have a dictionary definition of 'sustainable' to hand?
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