Gold News

Expert: US is in recession

An economist with bank Merrill Lynch has claimed that the US is currently in recession, despite president George Bush recently making a speech to the contrary.

In news that may be of interest to those looking to buy gold, David Rosenberg, chief economist for Merrill Lynch in the US, cited recent figures on the country's economy and said they indicated the nation was in recession for the first time in 16 years.

Retail sales, manufacturing, personal income and employment data all point to this, he said, stating that figures "seem to have peaked around the November to December period, strongly suggesting that we are actually into the first month of a recession".

However, president Bush made the statement that the US economy has "a strong foundation" in a speech in Chicago yesterday.

Concerns over the state of the US economy continue to affect the global markets. Shares in Japan closed lower today, despite the hope that the Federal Reserve may cut rates in its next session.


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