Manufacturing tumbles worldwide
Manufacturing activity around the world fell sharply in December, suggesting that the recession hitting the US and many other countries will extend well into 2009, if not longer, and that unemployment will rise globally.
Data and surveys published at the start of the new year – including from China – add to the gloom about the world economic outlook.
A broad index of change in US manufacturing activity fell to its lowest level since June 1980, when the American economy was on the verge of a severe double-dip recession, according to the Institute for Supply Management. Not one of the 18 industries surveyed reported growth, and some, such as wood products, have been in decline for more than two years.
New orders, a gauge of future activity, sank to the lowest index level since US records began 60 years ago. Exports and production also sank, and employment levels declined. The downturn in demand for manufactured goods is prompting US companies of all sizes to lay off workers, shut down plants and reduce production of machinery, steel, plastics and other basic components.
So, what is the economic direction of 2009, no one knows and who knows the entire capitalist market would collapse soon to pave way for a new structured economic system.
Data and surveys published at the start of the new year – including from China – add to the gloom about the world economic outlook.
A broad index of change in US manufacturing activity fell to its lowest level since June 1980, when the American economy was on the verge of a severe double-dip recession, according to the Institute for Supply Management. Not one of the 18 industries surveyed reported growth, and some, such as wood products, have been in decline for more than two years.
New orders, a gauge of future activity, sank to the lowest index level since US records began 60 years ago. Exports and production also sank, and employment levels declined. The downturn in demand for manufactured goods is prompting US companies of all sizes to lay off workers, shut down plants and reduce production of machinery, steel, plastics and other basic components.
So, what is the economic direction of 2009, no one knows and who knows the entire capitalist market would collapse soon to pave way for a new structured economic system.
