The economies of Europe and the US are almost certainly growing too slowly to replace all those lost jobs.That in turn suggests we are about to suffer a slowdown in consumer spending – the engine which has so far kept the US and UK economies out of recession. Here at least, the jobs market remains buoyant and consumer confidence is high. But the rate-setters need to be ready to adjust policy at the first sign of any faltering.*  TBI'S DEFENCE against Vinci's hostile £516m bid has not got off to the best of starts. Keith Brooks, chief executive of the Luton airport operator, found himself on the back foot for the second time yesterday and the offer document has not even been sent out yet.First TBI got itself into a tangle with the Financial Services Authority for permitting its non-executives to deal in the shares just a fortnight after the French had made their first runway approach. Now, it has been forced by the Takeover Panel to retract Mr Brooks' calculations about how TBI is worth much more than Vinci is offering to pay.He claimed, in this newspaper and elsewhere, that TBI's true value was nearer £800m – some 60 per cent more than Vinci has bid.

The French promptly invited Mr Brooks to substantiate the figures whereupon the board was forced to admit that "no reliance" could be placed on the numbers attributed to its chief executive.Since valuation will be at the core of this takeover battle, that amounts to a pretty humiliating own goal for the TBI team. For the record, Mr Brooks' figures were based on the price paid in the auction for Bristol airport. On that basis, he reckoned TBI's Belfast and Cardiff airports were worth £500m while Luton alone could fetch £300m – three times the amount TBI paid when it gained control of Luton from Barclays earlier this year.Not for the first time, the comparisons flatter to deceive. TBI itself pulled out of the bidding for Bristol on the grounds that it could not possibly be worth the £234m eventually paid. The calculation also fails to take into account the big hole that will be left in Belfast's profits when BMI British Midland pulls out this October Finally, TBI is not a pure UK airports operator.

It also owns a hotel and some pretty indifferent overseas airports. The mysterious expressions of interest that TBI began to receive as soon as the bid had landed may produce a rival offer. There again, they may prove nothing more than casual inquiries or bids for bits of the group.Still, it is early days and the market certainly thinks the French can afford to pay a little more than the 90p on the table. If the bid runs its full course then it will not be decided until the end of October Sometimes, however, bid defences are doomed from the start. This looks like it might be one of those occasions.*  THE PHONEY war is finally over and come Monday Sir Martin Sorrell should launch his bid for Tempus Group, the media buying firm which is already on the receiving end of a £425m offer from France's Havas Advertising. Being the cunning old fox that he is, the boss of WPP is letting the French sweat it out over the weekend while he decides how much clear water to put between the 541p already on the table and WPP's counter bid.Alain de Phouzilac, chairman and chief executive of Havas, must be wondering just how much higher he will need to go or how badly he really wants Tempus.