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mpc: 22 Overall the news on the world economy since the previous meeting had not altered the outlook significantly. The euro-area data had been broadly as expected. Data for the United States had been mixed, but were still consistent with a modest and temporary reduction in growth rather than a sharp or prolonged slowdown. The US housing market continued to slow but most Committee members considered that there had been little evidence to date to suggest that it would have a big impact on the wider economy, although one member placed rather more weight on this downside risk. Surveys suggested some signs internationally of a weakening of manufacturing output in November. Growth remained strong in Asia and the oil price had recovered somewhat.