Inflation in Europe hit a 16-year high of 4.1 percent, due largely to record high fuel prices. The European Central Bank has an official inflation target of 2 percent. A separate report put the European unemployment rate at 7.3 percent, up from 7.2 percent. (Bloomberg) British consumer confidence, meanwhile, hit an all-time low, in a survey that began in 1974. (MarketWatch)
The bottom line
July 31, 2008
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