Some Really Ugly Data

February 18, 2009

Among the myriad of bad economic figures, a few from the recent past really stick out.

  • The weakness of industrial production in Eastern Europe was exemplified by month-on-month drops of 19% in Romania and 20% in Russia.
  • The volume of Canadian wholesale sales plunged 24.5% at an annualized rate over the three months between September and December.
  • Japanese export volumes of goods and services plummeted 45% at an annualized rate (saar) last quarter.
  • Euroland exports fell 35.3% saar in the three months from September to December.
  • Japan’s ratio of inventories to shipments soared 33.4% between December 2007 and December 2008.
  • Real GDP last quarter dropped 12.7% saar in Japan, 8.2% in Germany, 7.1% in Italy, 5.9% in both Euroland and Britain and probably at least 5% in the United States when the initial 3.8% decline based on incomplete information gets revised.  For advanced economies collectively, there has not been as bad a quarter since 1Q74.  Taiwan today reported an 8.4% on-year decline of GDP last quarter, 7.3 percentage points worse than the on-year growth rate in 3Q08.  The IMF projects the weakest calendar year global growth rate since World War II.
  • From record highs, the DJIA, Nikkei, Ftse and Dax are down by 46.7%, 80.6%, 42.4%, and 48.4%.

Copyright 2009 Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.


3 Responses to “Some Really Ugly Data”

  1. bgin2end says:

    What are your thoughts about some country’s walking away from the Euro. First, is that possible. Second, what are the implications for the single country and the entire Euro?

  2. […] 19, 2009 · No Comments This question to Currency Thoughts from Bgin2end is sure timely.  George Soros addresses one element of the issue in an Op-Ed piece of […]

  3. larrygreenberg says:

    Good and timely questions. See my response in a post on February 19th.