Global Recession: Right Here, Right Now

[marmar]

from Minyanville:




.....(snip).....


Global Recession Supporting Data-Points

* Euro zone’s manufacturing purchasing managers’ index fell to a two-year low of 49.0 in August, down from a preliminary reading of 49.7. (Business Insider)
* PMI’s contractions seen in Ireland, France, Italy, Spain and Greece. (Business Insider)
* Germany’s manufacturing PMI slowed to its lowest level since September 2009, slumping to 50.9, well below an initial estimate of 52.0. (Business Insider)
* US Manufacturing ISM ex-inventory Growth is in contraction (Mish)
* Japan's PMI fell at three-month low (Financial Times)
* PMI readings in Switzerland and Sweden dropped (Financial Times)
* British manufacturing PMI fells 49, hitting a 26-month low (MarketWatch)
* Germany private consumption fell for first time since Q4 2009; Manufacturing growth slowest in 23 months (Reuters)
* Japan capital spending plummeted 7.8%; In Q2, expectations were for 1% increase (RTT)
* US construction declines 3.5% vs. same period in 2010 (US Census Bureau)
* China exports to US contract, PMI is barely above contraction (Reuters)
* Container traffic at Port of Long Beach drops 3.17%, smack in face of normal Christmas season ramp-up (Bloomberg)
* Canada GDP unexpectedly declines, led by a 2.1% drop in exports (Bloomberg)
* Brazil unexpectedly cuts interest rates .5% to combat recession; 62 of 62 analysts miss call on rate cut (Mish)
* Taiwan's PMI dropped to 45.2 in August, the lowest reading since January 2009 (Reuters)
* German economy grew just 0.1 percent in the second quarter (Reuters)
* Switzerland economy grew at its slowest pace since 2009, as a record strong Swiss franc bites into exports. (Reuters)
* Retail giant in Australia warns of massive price deflation and falling sales, "Hardest Christmas in Retailer Lives" coming up (Mish)
* US see zero jobs growth, unemployment rate remains flat at 9.1% (Mish) ..............(more)

The complete piece is at: http://www.minyanville.com/businessmarkets/articles/global-economy-global-recession-economic-analysis/9/2/2011/id/36708

[Mojorabbit]

1. I wish this was covered by the media here

I can't tell you how many people I speak with that have no idea it isn't just us. It really opens eyes when all they have been hearing is that it is Obama's fault things are not better when they see that this is global in scope and beyond one person's ability to fix.

[cutlassmama]

2. It's not his fault, however, don't you think that what happens in the US

greatly affects all other countries?

[Mojorabbit]

3. Yes but

these banks and other huge corporations are global with global clout. I am beginning to wonder just how much influence any govt has on them anymore.
It really makes a difference when you see that it is not as easy as changing a few policies to right this mess. The whole world is connected now and what happens one place affects another.