The global slowdown is getting worse everywhere

I am still on holiday so posts are short but there was too much evidence of the global slowdown for me to pass up relaying this message to you with the links post. Everywhere the slowdown is getting worse, from the UK, the US auto and manufacturing sectors to Germany, Taiwan, South Korea, China and Australia.

As I have been saying since the end of last year, we have seen slowing growth everywhere. And it's getting worse. In Europe, we have outright contraction. In the US, we are desperately close to contraction. And Asia is slowing quickly. The Australian PMI was particularly gruesome and suggests to me that Australia's housing bubble cannot be maintained through this slowdown. The PMI collapsed to 40.3, its lowest level in 3 years. The employment sub-index collapsed to 38.9, while the...

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