AUSTRALIA

Economy Is Still Stagnant: The economy is slowly clawing its way out of the worst recession in 60 years but economic data released last week shows why few expect a major turnaround this year. The government said the August jobless rate remains at a near-record 10.9% and retail sales in July edged up a weak 0.6%. Private indicators pointed to weak consumer confidence and slumping savings rates. Business leaders say they see little sign of an improvement in sales this year. Economists say the economy’s biggest problem is the persistence of the slowdown in the rest of the industrialized world.