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mpc: 8 Economic indicators suggested that there might be greater strength to euro-area corporate spending than to consumption. Growth of French household consumption of manufactured goods had slowed in Q4 and German retail sales (excluding sales of motor vehicles) had contracted at a faster rate than in Q3; the latter had fallen about 8% from their peak in 2001. The latest IFO index for retailers pointed to continuing weakness. Euro-area consumer confidence had been unchanged in January, remaining below its long-run average. But, although industrial production growth had weakened in November, probably because of the effect of the warm weather on energy production, the euro-area manufacturing PMI had increased in January for the seventh consecutive month; the services PMI had risen by even more on the month.