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Unemployment rates were higher in May than a year earlier in all 372 metropolitan areas, the Bureau of Labor Statistics of the U.S. Department of Labor reported. Fifteen areas recorded jobless rates of at least 15.0 percent, while 21 areas registered rates below 5.0 percent. The national unemployment rate in May was 9.1 percent, not seasonally adjusted, up from 5.2 percent a year earlier. Among the 310 metropolitan areas for which nonfarm payroll employment were available, 295 areas recorded over-the-year declines in employment and 15 reported increases.

Data through April 2009, released by Standard & Poor's for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show that, although still negative, the annual decline of the 10-City and 20-City Composites improved.

The Dow Jones Economic Sentiment Indicator (ESI) rose for the fourth consecutive month to 31.8, an increase from 29 in May and up more than nine points from its all-time low of 22.2 in November of last year.

The Conference Board Consumer Confidence Index™, which had improved considerably in May, retreated in June. The Index now stands at 49.3 (1985=100), down from 54.8 in May. The Present Situation Index decreased to 24.8 from 29.7. The Expectations Index declined to 65.5 from 71.5 in May.

Large and medium-size businesses are increasingly planning to invest in IT products and staff as confidence among IT decision makers begins returning to the corporate sector. However, earlier signs of IT investment among small businesses have slipped.

The European Commission adopted, after extensive consultation, a proposal for a Council Recommendation calling on all Member States to bring in laws to protect their citizens from exposure to tobacco smoke by 2012. Tobacco remains the largest single cause of premature death and disease in the European Union. According to conservative estimates, 79,000 adults, including 19,000 non-smokers, died in the EU-25 in 2002 due to exposure to tobacco smoke at home (72,000) and in their workplace (7,300).

The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.48 percent, down from 5.58 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com(R). Meanwhile, rates for 15-year fixed mortgages fell to 4.87 percent from 5.01 percent, and 5-1 adjustable rate mortgages also fell to 4.65 percent, down from 4.73 the week prior.

The economic crisis is likely to cause the first major fall in the number of migrants coming to work in OECD countries since the 1980s, according to a new OECD report. This is already happening, for example, in Ireland, Spain and the UK, which were among the countries first hit by the downturn.

The annual rate of growth of M3 decreased to 3.7% in May 2009, from 4.9% in April 2009. The threemonth average of the annual growth rates of M3 over the period March 2009 - May 2009 decreased to 4.5%, from 5.2% in the period February 2009 - April 2009.

The world economy is being buffeted by several shocks. The United Kingdom, like most OECD economies, is in a deep recession. House prices are falling after an extended period of large increases which left many households over-extended. Financial conditions are tight, and the financial market crisis has threatened the stability of the financial system. External conditions are also highly unfavourable. The recovery is likely to be slow and unemployment is expected to climb significantly. Both monetary and fiscal policies have eased to cushion the severe downturn with the policy rate now at historically low levels and quantitative easing measures under way. The authorities have also moved quickly to introduce a wide range of measures to stabilise the financial system.