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    Chris Giles
    Financial Times
    December 2, 2008

    Evidence of a global slide towards a deep recession mounted on Monday with severe strain reported by manufacturing companies around the world, large falls in car sales across Europe and bad construction figures in the US.

    So clear were the signs of downturn in the US that the National Bureau of Economic Research, the most prestigious US independent economic authority, said the country had been in recession since December 2007.

    The gloom prompted a near 9 per cent fall in the S&P 500 index, reversing gains made last week, while the 10-year Treasury yield fell to its lowest level for more than half a century.

    The NBER academics define a recession as “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators”.

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    Comment Rules

    6 Responses to “Data signal deep global downturn”

    1. tester Says:
      December 2nd, 2008 at 3:08 pm

      Transparency of Loyalty in Government Amendment

      Please vote, and sign the petitiononline petition at the bottom.
      http://www.change.org/ideas/vi....._amendment

      They want change? They can’t handle change!!

    2. MyFreespeach4u Says:
      December 2nd, 2008 at 3:54 pm

      HELP ME SUPPORT ME AND YOU, Have Nothing to lose,

      The only reason for the drop was the, Big Daddy Government said” Its official we are in a recession” and some f---ing idiots reacts to such bulls---, (wall street) and the Bullion market, Don’t they think we know, and so are other people of our country, but I must agree there are some sheep here, I bought gas today! 1st time in a month, $1.61 holy s---, and my hand wouldn’t let go of the pump handle, it was $2.51

      I am starting a large letter Campaign Jan I need help, I will write and post letters to Congress
      Demanding there jobs, resignations as Traitors to the US People, It will be good, send stamps, or a little money as you can afford, or Lexmark or HP printers, I have refill ink for most Lexmark & Hp printers Like about 3000 letters, and I have 8 reams of paper,
      If you sponsor me I’ll include your name No address, unless you want it,
      Help me get it going, well I really started it, I got all the address for the home & office in states, and Washington, DC
      I would like some money for material, i.e., News, papers, (small ads,) stamps
      See my website for my address http://www.mysilver4u.com, I have a paypal so email me if you care to help, we can do something,

      STAND UP for this country, and let’s let them know where we stand
      Remember send a working printer, as i said

    3. Unmuzzled Says:
      December 2nd, 2008 at 7:02 pm

      Let’s give em the change all all of history already has taught; despots and criminals deserve! And, quit talking baout all this bs like it makes a difference to waste the hot air and energy; more spent wisely covering you and your loved ones own arses. Are you prepared yet? Times running out fast.

    4. Jason Says:
      December 2nd, 2008 at 11:31 pm

      Gas here is at $1.60 for 87. Back in high school in the early 1990s I was paying $1.20 for 89. And the prices are still coming down. I was happy when they dropped to $1.50. Maybe they will go back to what 87 was selling for when I was in school which was around $1.10.

      Jason

    5. Donna McClendon Says:
      December 3rd, 2008 at 1:37 am

      Awhile back an article was here on this website about the oil and its relationship to our economy. Lindsey Williams told about how oil had replaced gold as the backing of the American dollar through unscrupulous World Bank and underhanded politicians (Henry Kissinger to name one). He said that if the price of oil dropped the dollar would be worthless and the American economy would collapse. When the price of gasoline dropped to under $2.00 now officially the nation is in recession – bordering depression. Everything he said happened. He knew it was happening because he heard it from the executives in Alaska during one of their pipeline agenda meetings. He was a missionary up there for the laborers. I believe that the obscure little known governor of Alaska who became the VP runningmate on the Republican ticket and the sudden drop in price of oil are related. I am saying that something that was in that article that came into reality was through the Alaska connection and the oil reserves there. I think that the secret government is running the show. I think that while the rest of us are scrounging and scraping a living for our families, the government is in the hands of monsters.

    6. ConfusedPatriot Says:
      December 3rd, 2008 at 12:25 pm

      I’m confused. If the petrodollar is based on oil, wouldn’t the price drop be a good thing because it means that one dollar buys more oil than before/it takes less dollars to buy a gallon of gas, which would indicate the dollar is getting stronger?

      Nevertheless, I believe the economy is in trouble…food prices rather than oil prices will be the key indicator to watch.