Factories Stall Worldwide, U.S. Jobless Claims Rise
Manufacturing activity is contracting across Europe and most of Asia, data showed on Thursday, and a Chinese official declared that the world economy faces a worse situation than in 2008 when Lehman Brothers collapsed.
Factory activity shrank even further in the euro zone, reinforcing the view that the debt-strapped region is in recession, while British manufacturing contracted at the fastest pace in two years, raising the risk that the UK economy may suffer the same fate.
This has been the case for much of the developed world for several months, with the exception of pockets of better news from the United States. But the slowdown now appears to be spreading to economic powerhouses of the developing world.
Adding to the gloom, new U.S. claims for unemployment benefits rose unexpectedly last week, popping above 400,000 for the first time in over a month and reinforcing the view that the battered labor market was healing only slowly.
China’s official purchasing managers’ index (PMI) showed factory activity shrank in November for the first time in nearly three years, while a similar PMI showed Indian factory growth slowed close to stall speed.
For more on this new set of bad news, go to the source of this article here: http://www.reuters.com/article/2011/12/01/us-global-economy-pmi-idUSTRE7B00WJ20111201
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Whistler Blowers, Insiders
The Lord taketh the wise at their own craftiness (he causes them to defeat themselves).
The UK manufaturing base is crippled, thanks to Tatcher and the Thories with their awfull management ideas. They sent everything to China and this was a big error. We should all stop buying Chinese goods until China becomes a country with acceptable salaries and human rights. This is true of India as well. This is true of all Asian countries where people are paid misery salaries.
Jdunk, that’s not the point. If people aren’t buying — jobs go away. The economy stalls.
Jdunk is right on target here, we do tend to over-shop quite a lot buying items we don’t necessarily need or have a use for..
I hit yard and garage sales quite a bit in the early spring and late summer months, it amazes me = (like blows my mind away) to see how much useless meaningless junk these people have to get rid of.
My late grandmother was a pack-rat indeed. Yes this greedy woman had clothing up the waazoo. One day in early spring she suffered a severe stroke (came as a complete surprise to us all) One week later she was laid to rest. I had the unpleasant task of liquidating all her material possessions, a sad duty indeed, one I would rather have skipped altogether…
Greedy relatives always seem to show-up usually after the reading the Will. Yes, like clockwork soon after comes all that most irritating arguing jazz about who is gonna get what and when???
It’s a proven fact, that none of us have permanent ownership of anything in this life.. Thus, all material possessions will depart from us when death separates us from our wealth….
Jdunk is, IMHO, right to slam consumption for the sake of consumption however, the demise of economic activity is not a philosophical argument. The deliberate destruction of worldwide economic activity has seen the actual unemployment rate in this country top 23%, according to ShadowStats.
My trips to rural auctions have saved me thousands, so far. I’m all in favor of reuse. The real rub here is that today, the previously built in “planned obsolescence” has been jack-up to the point that major appliances last 5 years, if you’re lucky. We’re hosed, to be sure but, once capitalism is purged of the corporatist that refuse to accept the fact we live on a finite planet, we can redirect our energies to mending the damage done by these money junkies.