The winners and losers of the ever-changing face of the world leather industry
Macroeconomics
In contrast to the previous reporting periods, the world economic outlook slid back into its old pessimistic ways during the period under review (August 26 to September 6 2002). Continuing their 'one step forward, two step back' development, the stock arkets once again took a tumble while the approach of the first anniversary of September 11 did little to help investor confidence. Added to this was the increasing level of sabre rattling directed toward Iraq and corresponding increase seen in oil prices.
Selected data from the big economies again provided too much encouragement to be taken as a reliable indicator - a good case in point being the closely watched US Purchasing Manager's index. This registered 50.5 for August - conveniently just above the critical level of 50. In a similar vein, retail sales in the USA rose 1% month-on-month during July though justified optimism was expressed in relation to the rise in European automobiles sale in the US - and evidenced by the good business currently being done by the car upholstery tanners.
