China cuts growth target to 8-year low
Mon Mar 5, 2012 5:48am EST
(Reuters) - Chinese Premier Wen Jiabao cut his nation's 2012 growth target to an eight-year low of 7.5 percent and made boosting consumer demand the year's first priority as Beijing looks to wean the economy off its reliance on external demand and foreign capital.
Australia Services Index Plunges to Significant Contraction; Bleakest of Views From Retail Shops; Retail and Housing Bloodbath Coming Up
March 04, 2012 7:54 PM
Two more signs surfaced today that suggest Australia is headed for if not in recession.
Australia’s services industry declined in February to the lowest level in almost a year, driven by a drop in new orders as the gap between resources and other industries widens, a private survey showed.
The performance of services index sank to 46.7 last month from 51.9 in January, the weakest reading since March last year, Commonwealth Bank of Australia and the Australian Industry Group said in Sydney today. Fifty is the dividing line between expansion and contraction.
Australia Service Index Components
Index sank to 46.7 from 51.9
Selling prices fell to 44.2 from 46.9
Employment measure slid to 47.5 from 51.2
Sales declined to 47.5 from 49.4
New orders plunged to 45.6 from 54.1
Wages indicator dipped to 57.7 from 57.8
Expect an across the board retail and housing bloodbath because one is coming.