New World Order University Forum

From Mish’s Economic Blog, some global economic statistics:

Hard Landing Summary

• UK Retailers Worst December In 14 Years
• UK home sales lowest since the measure began in 1978
• UK interest rates lowest dating back to 1694
• Germany exports saw their largest fall in November since reunification in 1990.
• New Zealand is in its first recession in 10 years
• Philippines’ exports plunge
• Alcoa reports $1.19B loss in 4Q
• Aluminum prices collapse to 70 cents per pound from around $1.50 per pound last summer
• Japan Corporate Bankruptcies Rose for Seventh Month
• Japan Exports Slump By Record Amount
• China’s Exports Fall by Most Since 1999
• Waning export demand has led to protests by fired factory employees, an exodus of 600,000 migrant workers from the manufacturing hub of Guangdong

China’s exports fell the most in almost a decade in December as the deepening global recession cut demand for the nation’s toys, clothes and electronics. Shipments dropped 2.8 percent, the official China Daily said today. That compares with a 21.7 percent gain a year earlier.

Waning export demand has led to protests by fired factory employees, an exodus of 600,000 migrant workers from the manufacturing hub of Guangdong, and an estimated urban unemployment rate of more than 9 percent. Premier Wen Jiabao pledged Jan. 11 to add to the nation’s 4 trillion yuan ($585 billion) stimulus package to create jobs and avoid social instability.

“There is little hope that exports will recover this year, as developed economies remain mired in recessions,” said Sun Mingchun, a Hong Kong-based economist at Nomura Holdings. “Textile, steel and electronic exports are the most badly hurt.”

The BBC reports that the UK economic downturn is “frightening.”

Tags: Global Economy

This entry was posted by Director on Tuesday, January 13th, 2009 at 6:40 pm and is filed under Global Economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.