Based on the decline in non-farm payroll employment, the business cycle dating committee of the National Bureau of Economic Research called the recession in the US as starting in December 2007, well before output fell. According to the most recent estimates from Eurostat, the Statistical Office of the European Communities, only 3.
MARIE Antoinette once famously said "When everyone else is losing their heads, it is important to keep yours" and it certainly felt like this last week. It all kicked off with the US Senate being unable to come to a sensible agreement over the extent of the credit ceiling in the US and the resulting downgrade of US debt. This prompted concerns of a recession in the US which then caused concern worldwide, but particularly in Europe, where economic growth is weak and vulnerable to any setback.
The cash cow that is Dublin football has joined the rest of us in recession. It is suffering in both economic and spiritual terms and its guardians must be wondering where to turn to next. In the Leinster Council offices in Portlaoise and in the finance department in Croke Park, Dublin's travails will cause some dismay. At a time of belt-tightening everywhere, a long Dublin run in the Championship is a comfort.
GREECE pulls out of the euro and defaults on its debts, leaving creditor countries like Portugal and Italy to wave goodbye to any hopes of ever seeing much of the 10bn+ they are owed repaid. This leaves Portugal and Italy hamstrung in their efforts to repay the more than 500bn they owe their creditors like Spain, France, Germany, and the UK.
Fuel prices - pages 6&7 HIGH petrol prices are one of the roadblocks that stand in the way of the economic growth that will power us out of recession. If these were being driven by a world shortage of oil that would ultimately force us to develop greener transport, it would be something no government could or should do anything about.
FEARS over the health of the US economy and eurozone delivered a devastating two-pronged attack on investor confidence this week. Weak economic data in the US added to fears the country could plunge back into recession, while Spain and Italy moved closer to failing to pay their debts.
WE already knew that the Organisation for Economic Co-operation and Development (OECD) takes a more downbeat view than our own government of the UK's path to recovery from the recent global banking crisis and subsequent recession. It told us last week, in its multicountry Economic Outlook, that it expects UK output to contract by 4.3per cent this year and do nothing at all in 2010. That compares with Treasury forecasts of a 3.5per cent fall in GDP this year, but resumed growth of 1.25per cent in 2010.
A FORMER rate-setter at the Bank of England has labelled the Government's proposed programme of spending cuts "the greatest macro- economic mistake in a century". US-based economist David Blanchflower had his recession warnings and calls for interest rate cuts snubbed when he was a member of the Bank's Monetary Policy Committee (MPC).
ECONOMIC CRISIS NOW that Britain is officially in a recession, the three main parties are telling us how they can get us out of it. In each case, their solution is to cut taxes to give us all extra money to spend.
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