UK Industrial Data Confirms Slowdown

 Subsequently, the expectations component of the survey also showed growing pessimism over the current economic situation in the region, dropping to a reading of negative 5 from a negative 1 reading in the previous period.  Although inherently bearish, the news isn’t the least bit surprising given the declination of both manufacturing and industrial production figures along with slowing economic fears expressed by both public and private sectors. However, as mentioned previously, no remedy looks forthcoming at the moment till further evidences of a slowdown in individual consumption can be ascertained.  Separately, Tony Blair, who will assume the EU presidency in July, pushed for further consolidative efforts on agreement of the fiscal budget and reiterated the need for Europe to “renew” itself in dealing with modern challenges.