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FXstreet.com (Barcelona) – Consumer sentiment Index has posted in October the largest monthly decline since records are taken, according to the latest report by the University of Michigan.

In October, consumer sentiment index has dropped to 57.8 points from 70.3 in September, and from 80.3 last year in October. Since January 2007, consumer sentiment has dropped 41%, the largest decline in history. The expectations Index has declined to 57.0 in October from 67.2 in September.

October’s data points out to a long recession, with spending likely to decline through most 2009 year, with unemployment reaching 8%.

FXstreet.com (Barcelona) – Economic activity in the Chicago Area has contracted sharply in October after a strong reading in September, according to data released by Kingsbury International.

In October, Chicago PMI has declined to 37.8 from 56.7 in September well below the 50 level which marks the boundary between growth and contraction of economic activity.

The outlook for the forthcoming months does not look much better, as new orders index has plunged to 32.5 in October from 53.9 in September. The employment index has declined to 41.5 in October from 49.1 in September. The prices paid index has also declined to 53.7 in October from 80.7 in Sept.

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FXstreet.com (Barcelona) – Fears of the economic slowdown have translated into a decline on the US consumer spending in September while savings increase, according to data released by the US Commerce Department.

Consumer spending has declined 0.3% in the US in September from August after having remained flat in there previous month, while personal income rose 0.2%, down from the 0.4% increase in August, downwardly revised from the 0.5% previously estimated.

Personal savings as a percentage of disposable personal income was 1.3 in september, up from 0.8% in August.

The Personal Consumption Expenditures Price Index has increased 0.1% in September, while the core PCE prices Index, which excludes contributions from food and energy, has risen 0,2% in September, and 2.4% year on year.

FXstreet.com (Barcelona) – As widely expected, Canadian Gross Domestic Product has declined in August, reversing partially the increase obtained in July, according to data released by Statistics Canada.

Gross Domestic product has declined 0.3% in August in Canada, after the 0.7% increase posted in July, with Wholesale trade, manufacturing, and the energy sector posting negative contributions to the GDP after having achieved increases in the previous month, while accommodation and food services advanced, and so did the public sector.

Output of energy has declined 0.5% in August, after a 2.7% increase in July, while manufacturing activity declined 1.1%, reversing the 1.2% gain in July, and wholesale trade dropped 3.1% after a 1.9% increase in July.

FXstreet.com (Barcelona) For more information, read our latest forex news.

FXstreet.com (Barcelona) For more information, read our latest forex news.

FXstreet.com (Barcelona) For more information, read our latest forex news.

Americans will be heading for the ballot box on Tuesday to elect a new President. They will also be voting to elect one third of the Senate and the entire House of Representatives. Opinion polls place Barack Obama firmly ahead, with 49.8% of the vote compared to John McCain’s 43.9%. Some commentators are even beginning to speak of a Democratic landslide, as the party looks set to win even bigger majorities in both chambers of Congress than it already has. This means that Obama – if he wins –