A round-up of other business news in brief

Credit crunch spreads in US

The impact of the credit crunch on the real US economy was illustrated yesterday by data showing collapses in consumer spending, new homes sales and orders of durable goods in October.

Personal consumption expenditure fell 1 per cent last month, the biggest drop in seven years, compared with a 0.3 per cent fall in September. Sales of newly built single family homes fell 5.3 per cent to levels last seen 17 years ago as prices continued to fall, the commerce department said.

In an indication of how consumers are making efforts to save more, personal income rose by 0.3 per cent in October, following a 0.1 per cent rise in September. - ( Financial Timesservice)

Inflation fall boosts ECB rate cut hopes

The European Central Bank cemented expectations of another interest rate cut next week as inflation in Germany, the euro zone's biggest economy, fell a full percentage point in November, marking a drop for the fourth month running and pointing to easing price pressures. - (Reuters)

Irish chief execs expect worse 2009

Most Irish chief executives are less optimistic about economic prospects in the short to medium term than they were 12 months ago, according to a survey by property consultants CB Richard Ellis. Almost two-thirds said they expected the Irish economy to contract by more than 2 per cent in 2009.