Slowing U.S. economy to have impact on Australia

Australian Assistant Treasurer Chris Bowen said on Saturday the slowing U.S. economy will have an impact on the Australian economy.

Figures released overnight reveal that U.S. unemployment has unexpectedly surged by the strongest rate in two decades, raising warning flags that the economy is headed in the wrong direction.

When the United States is slowing, that has an impact around the world, Bowen told reporters in Sydney, the state capital of New South Wales.

When demand is falling, property prices are falling, employment is falling in the United States, that has an impact throughout the world and Australia is not immune from it, Australian Associated Press quoted Bowen as said.

And that is on top of all the financial slowing that we've seen in the U.S. financial markets, the sub-prime crisis in the United States, he said.

Source:Xinhua