Friday, February 6, 2009

It's more than an American recession Part II

So yesterday I mentioned that it was more than just America in this godawful mess- "b" at Moon over Alabama puts a little more meat to the bare bones of that assertion:

Kenya hit by drought, food prices and grain shortage

Field after field of maize across the marginal agricultural areas of Kenya stands blitzed by the tropical sun, unable to mature after the rains failed. For many, this is the third consecutive failed harvest.

Cancellations exceed orders at both Airbus and Boeing

Both Airbus and Boeing have dipped into negative net orders for the year to date, having suffered more cancellations than secured sales.

South Korean Exports Fall by Record, China Manufacturing Slumps

South Korea’s shipments fell 32.8 percent from a year earlier, the Ministry of Knowledge Economy said. Manufacturing in China shrank for a sixth month, the CLSA China Purchasing Managers’ Index showed.

Japan output falls at record pace, unemployment rises

The government also said that production is expected to decrease 9.1% in January and 4.7% in February, according to its Survey of Production Forecast in Manufacturing.

If the projected cuts materialize, Japan's industrial output would have shrunk by one-third over the space of a year, according to calculations by J.P. Morgan. The contraction effectively knocks Japan's industrial economy back to roughly the size it was in the mid-to-late 1980s.

German industrial orders fall sharply

Germany’s economic ministry reported orders fell by 6.9 per cent in December, extending a 5.3 per cent fall in November. It was the fourth consecutive monthly fall and much larger than expected. December’s industrial orders from within the eurozone were tumbled by more than 15 per cent.
Earlier, Spain had reported a record 19.6 per cent fall in industrial output in the year to December as businesses and households reeled from the collapse of the country’s housing bubble.

Payrolls plunge by 598,000, the most since 1974

Nonfarm payrolls fell by a seasonally adjusted 598,000 in January, on the heels of a revised loss of 577,000 in December, the [U.S.] government said.


I recommend reading it all; but I must warn you that you may never sleep again.

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