Worst Global Economy Since WWII

Trouble, trouble, no matter where you look around the world.


Before we all start loading up on Elmo Live! toys and Wii Fit games, might be a good time for an economic reality check. As Bruce Kasman of JP Morgan gloomily sees things:

"Economic reports continue to beat the drum of a deep and synchronized global downturn. Industrial activity readings are pointing towards the first double-digit annualized decline in global manufacturing output since the mid-1970s. And this week’s key national November business surveys—including a collapse in Germany’s Ifo and Japan’s Shoku Chukin—should combine with a further slide in the US ISM survey next week to reinforce the message that business confidence is approaching a three-decade low as the quarter ends. With indicators pointing to an intensifying global adjustment in employment and business spending, our forecast of the deepest four-quarter GDP slide in the developed world since WWII appears to be on track."

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