The problems in Europe are ongoing, with Moody's ratings agency having announced that it would consider downgrading Spain's credit rating due to concerns regarding the country's need for funding and debt levels.
On a slightly more positive note, the Irish parliament confirmed yesterday with a slight majority the 85-billion Euro (112 billion dollars) plan to bailout the local economy and banking system. The IMF-EU joint plan has been approved at a majority of 81 Aye votes to 75 Nay votes.
In the macroeconomic scene, the United States Department of Labor announced yesterday that the Consumer Price index rose by 0.1% in November due to the increase in energy and food prices. The core index, excluding energy and food prices, climbed by 0.1%, as predicted by economists. This is the first increase in the index since July.
The Federal Reserve also announced that United States industrial production grew by 0.4% in November. Economists predicted a more moderate, 0.3% growth. Manufacturing capacity utilization grew to 75.2% last month – the highest level since October 2008. Furthermore, the Empire state index rose by 22 points in December, reaching a level of 10.6 points, where economists predicted only a 3-point climb.
