Tuesday, August 16, 2011

Euro-zone in Recession, Industrial Production “Unexpectedly” Drops .7%; France in Recession, Germany on the Way; Is the US in Recession?

Mike 'Mish' Shedlock

Recession loom everywhere you look. Let’s look at France: French growth sputters to a halt in 2nd quarter..... The French government was put under further pressure to cut deeper into spending after figures Friday showed growth in Europe’s second biggest economy ground to a halt in the spring, in another sign that the global economy is facing rising recessionary threats.....
Euro-zone Industrial Production “Unexpectedly” Drops .7%. RTT News reports Euro-zone Industrial Output Declines Unexpectedly In June......... Euro-zone industrial production declined unexpectedly in June on widespread decreases in sub-sectors, indicating a sharp slowdown in economic activity in the currency bloc at the end of the second quarter.....
Germany Industrial Production Unexpectedly Drops 1.1%......... Forex Crunch reports More Evidence of Core Slowdown in Germany’s Industrial Production.
US Consumer Sentiment Unexpectedly Declines to Three Decade Low......... Bloomberg reports U.S. Consumer Confidence Drops to Three-Decade Low amid Economic Headwinds.......... Confidence among U.S. consumers plunged in August to the lowest level since May 1980, adding to concern that weak employment gains and volatility in the stock market will prompt households to retrench.
Bloomberg reported today that “Consumer Sentiment Plunged to Three-Decade Low.”
Forget “verge of recession” the US is in one. Whether or not it gets reported as such depends on further data. If new data continues to be weak, the NBER is very likely to backdate a recession to June or July................

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