"Last week’s batch of economic data was largely ignored by financial market participants, who were preoccupied with oil prices and another leg down in the perceived fortunes of the financial sector. In short, the incoming data continue to paint a picture of an economy that is slow growth mode – but not a recession, with core inflation in check and ongoing weakness in housing and the non-exporting sectors of the manufacturing economy".

For more of John Canally’s Weekly Economic Commentary, please click on the link below: