Factories stalling worldwide

Thursday, December 1, 2011
By Paul Martin

RawStory.com
Thursday, December 1, 2011

LONDON/SINGAPORE (Reuters) – Manufacturing activity is contracting across Europe and most of Asia, data showed on Thursday, and a Chinese official declared that the world economy faces a worse situation than in 2008 when Lehman Brothers collapsed.

Factory activity shrank even further in the euro zone, reinforcing the view that the debt-strapped region is in recession, while British manufacturing contracted at the fastest pace in two years, raising the risk the UK economy may suffer the same fate.

This has been the case for much of the developed world for several months, with the exception of pockets of better news from the United States. But the slowdown now appears to be spreading to economic powerhouses of the developing world.

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