Macroeconomics

Things were reasonably quiet during the period under review (July 28-August 11 2003).

The stockmarkets reversed their previous gains and settled back –the main backsliders being the companies that had previously made the biggest gains.  US GDP increased by a better-than-expected 2.4 % in the second quarter, though unemployment levels were not particularly friendly, rising 0.2 % to 6.4%.

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