SPENDING SHY: Shoppers in the 16 countries that use the euro remain reluctant to spend. The EU%27s statistics office says eurozone retail sales were flat in June from May and up only 0.4 percent from the previous year. Sales in Germany and France have fallen sharply.
THE BACKDROP: The worry is that consumer spending may be pressured by the austerity measures being enacted across the eurozone in response to the government debt crisis. Analysts say the recovery can only be self-sustainable if consumers boost spending, especially if the U.S. economy loses momentum.
WHAT%27S AHEAD: The European Central Bank is expected to announce Thursday that it is leaving its key interest rate unchanged at 1 percent.