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The latest industry news and updates
April saw the Euro zone weaken considerably, suggesting a recession across the EU could continue until the middle of the year. Markit’s Euro zone Services PMI, which gauges business activity over a month, came in at 46.9 in April, sharply lower than 49.2 in March. Anything below 50 signifies contraction.
After weak job data out of the USA, mining stocks fell pushing the FTSE 100 down almost 2% creating an overall loss of 2.1% for the week.
Spain has sunk into its second recession in just over two years as the Government faces pressure to meet strict EU deadlines. With a 0.3% contraction in Quarter 1, the figure is slightly better than predicted but does indicate that the Spanish economy is deteriorating.
Both the Yorkshire and Clydesdale banks, who are subsidiaries of National Australia Bank, have confirmed that they will cut in the region of 1,400 jobs which would include closing almost 30 Financial Solution Centres. The banks intend to focus on the business in Northern England and Scotland, which suggests that many of the cuts will be in the South.
Consumer spending in the US increased 0.3% in March, down significantly for February’s 0.9% indicating that consumer spending in the world’s largest economy is slowing.
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