In Europe, where manufacturing accounts for nearly a fifth of gross domestic product, industrial production is down 12 percent from a year ago. In Brazil, it has fallen 15 percent; in Taiwan, a staggering 43 percent. In China, which has become the workshop of the world, production growth has slowed, with exports falling more than 25 percent. In the United States, industrial output fell 11 percent in February from a year ago.
Trade is shrinking even faster than production. Germany's exports down are 20 percent from a year ago, Japan's have plunged 46 percent, and in the United States, exports fell at an annualized rate of 23.6 percent in the fourth quarter of 2008.
Japan, among others, is raising fears about growing protectionism. (The only thing missing to make the 20’s come alive again)
A UK government bond auction saw the weakest demand from investors in more than 10 years on Thursday, emphasising the continuing difficulties of debt managers as they attempt to raise money in a stressed financial climate.
German industrial conglomerate ThyssenKrupp plans to cut more than 3,000 jobs or about 1.5 per cent of its total staff amid a slump in demand, the Financial Times reported on Friday.
Doom and gloom.... You must be thrilled! x
ReplyDeletePretty much, but there even funnier things going on, keep reading. :)
ReplyDelete