Euro Zone interest rates on way up, says BoI economist

Although the US economy has moderated over the Summer, with GDP growth falling back to 3%, consumer spending growing by only 1%, and employment rising by less than expected in July, there are indicators that the economy is poised to pick up again in the short term, according to Michael Crowley, senior economist, Bank of Ireland Global Markets.

Writing in Bank of Ireland Global Markets Economic Bulletin for August, which was published today, he states that with both retail sales and manufacturing output recovering strongly from a soft spot in June, the Fed is optimistic of an upturn in activity.