The week is full and ready to go today as the start is to be with the manufacturing performance in May, which as we know is a major and strong component of the economical equation in the industrialized nations.

The start is to be with the 15 nation economy as they reveal their final PMI reading from German the industrial heart of the aggregate economy and then the 15-nation performance during May. Both are expected with no revisions with 53.5 and 50.5 respectively.

Since the beginning of the second quarter and the Euro Zone has been signaling softness in their economic growth, while inflation continues it upside heading which is further agonizing growth. Short spending and dampened demand is affecting the performance though Germany the barrier of the lion's share in the equation is still finding room to perform while the 15-nation as an entity was hammered by sluggish inputs from mainly Italy and Spain which have entered the red zone.

As for the United Kingdom the second inline to be potentially a new U.S scenario is suffering softness across the board. The PMI manufacturing is one of the highlights as it is expected to have slowed further to near parity with the expansion definition almost unchanged at 50.5 after 51.0 the previous month. Other important factors today will be April's Mortgage Approvals as they are still at a record low and expected almost unchanged from the previous as the credit crisis and the economic slowdown have both intensified the fall in the properties market while prices already started to stagnate this year.

Last but not least the ending for the manufacturing day will be with the ISM. The PMI had already improved though still contracting in May while today the ISM is expected softer at 48.5 after 48.6 in April. The manufacturing was affected by dampened demand especially domestically as Americans trimmed spending while they struggle with tighter margins of finances and the weak labor market added to consumption woes.

The ISM today will also reflect indicators on the state of inflation and labor. Last month they have continued within a weak labor market though they cut jobs on a much slower pace. While prices paid is an important aspect since the Feds have directed their attention to price stability after seven consecutive calls to lower rates till the current 2.0%.

Housing market conditions are still highly unstable and the bottom was not clearly created though the advanced GDP revised lower the deduction that was posed from the properties market. Construction spending today is expected better than the previous though with a fall of 0.6% after the drop of 1.1% in April.

World economies are now experiencing the aftermath of the credit meltdown posed by the U.S economy. While as we assess the extent of the damage presented the economy responsible for the dilemma is judged to how beyond they are from others and how long is it for others to collapse and the U.S to rise and that is now the sentiment which is designed to comprehend the weakness of other nations and the rise of the U.S economy on the back of them and that they have lead them in recovery since they were the leaders of the fall to start with