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7/12/09

The Age: World Economy - More US consumer worries as Germany boosts hopes

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World Economy - More US consumer worries as Germany boosts hopes

Talk of another US stimulus plan and data showing American consumers falling behind on their bills underscored worries about the global economy on Tuesday, overshadowing an upturn in German manufacturing orders that provided a glimmer of hope. Soaring US unemployment and a shrinking economy drove delinquencies on credit-card debt and home equity loans to all-time highs in the first quarter, the American Bankers Association said.

Data showed orders in Germany, Europe's largest economy, rose at the strongest monthly pace in nearly two years in May, but economists said the yearly comparison would remain weak for some time yet.

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