Now that's half of one per cent lower than previously forecast. Meanwhile, President Obama is putting pressure on Congress to vote in favour of keeping payroll tax cuts. 

 

“If they vote no again, a typical family's taxes will go up $1000 next year. If they vote yes, the typical working family will get a $1,500 tax cut. And I just want it to be clear for everybody: ‘No’--your taxes go up; ‘Yes’--you get a tax cut. Which way do you think Congress should vote? (YES!) Pretty simple.” 

 

Barack Obama there

 

Let's look at what the markets have been doing overnight. In the US, the Wall Street exchange has just closed. The Dow finished 56 points lower. The NASDAQ lost three points. The S&P 500 shed nearly three points as well. And in London the FTSE dropped 15 points. 

 

Checking commodity prices. West Texas Crude is trading at 97 US dollars and 67 cents a barrel. Tapis crude’s at 114 US dollars and 10 cents a barrel. And gold’s at 1,698 US dollars and 89 cents an ounce. The Australian dollar is buying 99 US cents, 73 Euro cents and 63 pence sterling.