The World’s Three Largest Economies Are in Recession

Tuesday, November 3, 2015
By Paul Martin

by Phoenix Capital Research

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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