The World’s Three Largest Economies Are in Recession

Tuesday, November 3, 2015
By Paul Martin

by Phoenix Capital Research
ZeroHedge.com
11/02/2015

The central dynamic of the last 12 months continues to dominate financial market price action.

That dynamic is:

1) The global economy is contracting with former engines for growth (Emerging Market economies, particularly China) growing little if at all.

2) Financial markets continuing to rally/ hold up in hope of additional monetary measures by Central Banks.

Regarding #1, the recent spate of economic data is absolutely awful:

1) In China, the official growth numbers suggest GDP is growing by 7.3%, however…

China’s electricity consumption suggests GDP growth is 3% at best.

China’s rail freight volume for the first eight months of 2015 fell 10.1% from the comparable period in 2014.

China’s monthly Caixin PMI reading has fallen to levels not seen since March 2009: when everyone thought the world was ending.

August exports fell 5.5% year over year following an 8.9% collapse in July (exports account for 30% of China’s GDP).

The Rest…HERE

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