Osborne says US and emerging market risks still threaten recovery
Chancellor George Osborne has described recent US economic data as a "little soft", after two important surveys of US manufacturing failed to meet expectations yesterday.
Markit and ISM purchasing managers' index results suggested that manufacturing growth in the US is starting to slow down.
With PMIs coming in at 53.7 and 51.3 respectively for January, growth in the sector looks a lot weaker than in the UK. January's Markit survey saw UK manufacturing PMI at a whopping 56.7.
Speaking at the Lords Economic Committee, the chancellor is clearly pretty enthused by the UK's surprisingly strong growth of late – he says "the recovery is sustainable" and "the job is done."
Now he's more worried about risks from further afield – identifying a potential slowdown in the US and recent emerging markets trouble.
Couple of quarters of growth and he's already mouthing off.
— Mike Bird (@Birdyword) February 4, 2014