google.com, pub-6370463716499017, DIRECT, f08c47fec0942fa0 AlfaBloggers Best Bloggers Team Of Asia : The Recession's Toll: How Middle Class Wealth Collapsed to a 40-Year Low
Showing posts with label The Recession's Toll: How Middle Class Wealth Collapsed to a 40-Year Low. Show all posts
Showing posts with label The Recession's Toll: How Middle Class Wealth Collapsed to a 40-Year Low. Show all posts

Wednesday 5 December 2012

Triple-Dip Recession fears grow as UK Service Sector Stalls


Disappointing PMI data adds to fears economy on course to sink into Recession  for third time since financial crisis hit in 2007

Coming only hours before George Osborne delivered his autumn statement, the figures added to fears the UK economy is on course to sink back into recession for the third time since the financial crisis hit in 2007.

The Markit purchasing managers index (PMI) found that the services sector slowed to 50.2 from 50.6 in October. The index, which measures the output, orders and employment, shows that a sector is growing when figures exceed 50.

More worryingly, the index for future orders fell to 49.6 from 52.9 in October.

Chris Williamson, Chief Economist for the UK and Europe at Markit, said the fall in services PMI was a blow to the economy and showed the third quarter's growth surge had run out of steam.

The services sector, which accounts for around 75% of the economy, has proved to be the government's only consolation in the last two years of flat growth, offsetting periods of falling manufacturing and construction output.

Services firms have been hit by low consumer confidence, the government's austerity cuts and the eurozone crisis, which has dented exports.

Howard Archer, at IHS Global Insight ,said the figures were "very disappointing, and highlight the problems the chancellor faces in his autumn statement".

The survey covers transport, storage and communication, financial intermediation, business services, personal services, computing and IT, and hotels and restaurants, but not the retail sector.
The PMI survey covers services such as hairdressing, transport, business services, IT, hotels and restaurants. Photograph: Martin Argles for the Guardian
Further evidence Britain may be sliding towards a triple-dip recession came on Wednesday with figures showing the all-important services sector stalled in November.

Finland's economy slips into recession
U.S. News & World Report
HELSINKI (AP) — Finland's economy has slipped into recession with a 0.1 percent drop in gross domestic product in the third quarter from the previous three months, as the export-dependent country continues to suffer from a drop in demand among ...
See all stories on this topic »
Trichet Deja Vu Haunts Poland as Rates Set to Fall Again
Bloomberg
Poland's central bank cut borrowing costs for a second month to spur growth in the European Union's biggest eastern economy, which faces the risk of its first recession in two decades. The only central bank in the 27-nation EU to raise rates this year ...
See all stories on this topic »
Triple-dip recession fears grow as UK service sector stalls
The Guardian
Coming only hours before George Osborne delivered his autumn statement, the figures added to fears the UK economy is on course to sink back into recession for the third time since the financial crisis hit in 2007. The Markit purchasing managers index ...
See all stories on this topic »

The Guardian
Are supermarkets responding to challenge of 'nutritional recession'?
The Guardian (blog)
Rising food prices and falling incomes have resulted in a "nutritional recession" in the UK, with poorer families now consuming more unhealthy foods and less fruit and vegetables. According to recently compiled data on Britain's grocery buying habits, ...
See all stories on this topic »

The Guardian (blog)
The Recession's Toll: How Middle Class Wealth Collapsed to a 40-Year Low
The Atlantic
I'm about to share a statistic that you should remember every time you think about the GreatRecession, and why the recovery has been so painstaking. It's going to illustrate precisely how devastating the downturn was for your typical American family ...
See all stories on this topic »
Bay State projected to return to pre-recession employment levels by mid-2014
Bizjournals.com (blog)
Clayton-Matthews' survey takes the industry trends out to 2016. Along the way, Clayton-Matthews expects we will have regained the 143,000 jobs we lost in the Great Recession by mid-2014. (He believes we're nearly seven-eighths of the way there already ...
See all stories on this topic »
Recession 2013 - Redux
Seeking Alpha
Last month, I reported on a relatively new recession probability indicator (the "markov switching" series recently introduced to the Fed FRED/Blytic) that was giving a pretty clear, though preliminary, indication of probable recession. While I noted ...
See all stories on this topic »
Recession Defaulters May Repeat After Exchanges, Moody's Says
Bloomberg
Companies that defaulted using a distressed exchange during the Great Recession may not have improved their capital structure enough to prevent it from happening again “down the road,” according to Moody's Investors Service. Thirty-five percent of ...
See all stories on this topic »
The Deficit Did Not Cause The Recession; The Recession Caused The Deficit
Credit Writedowns
Both Wall Street and Washington have lost sight of the major cause of the deep recession and exceedingly slow economic recovery. To hear all the talk, the major concern is about the impending fiscal cliff and the federal budget deficit. Fix the fiscal ...
See all stories on this topic »
Adding Austerity to Recession
Social Europe Journal
In the early days of November 2012 the Greek Prime Minister, Antonis Samaras, announced that the approval of a new austerity package by the Parliament, essential for receiving a disbursement from the “troika”, was a condition for remaining in the euro.
See all stories on this topic »