While we fiddle: Signs of global slowdown mount; debt crisis weighs

[n2doc]

y Jonathan Cable
and Alexandra AlperPosted 2011/07/21 at 1:40 pm EDT

LONDON/NEW YORK, July 21, 2011 (Reuters) — Private-sector growth in the euro zone ground to a halt this month and China's factory sector contracted for the first time in a year, surveys showed on Thursday, deepening evidence of a global slowdown.


Hopes that the U.S. economy will snap out of its recent slowdown were supported by a rebound in manufacturing in the country's mid-Atlantic region, although an unexpected rise in jobless claims underscored how weak the labor market remains.

The surveys were published just before European leaders met to hash out a second bailout of Greece and to try to allay fears a possible debt default by Athens could spread havoc.

Markit's Eurozone Purchasing Managers' Indexes showed growth in the 17-nation bloc's factory sector came to a standstill in July while its dominant service sector grew at its slowest rate in 22 months.

"The large fall in the flash euro zone PMI in July provides further signs that the debt crisis may be starting to take a heavy toll on the economic recovery in the region," said Ben May at Capital Economics.


more

http://www.newsdaily.com/stories/tre76k23e-us-global-economy/


This might not be the best time to massively cut budgets after playing chicken with the debt limit....just sayin'

[HillbillyBob]

1. The 'debt crisis' is wholly manufacture bs

ginned up by the pukes to steal SS and kill medicare..but you know what If we have nothing to lose........

[CleanGreenFuture]

3. I keep seeing this and since you seem to be knowlegable about it, please give

details as to how this crisis was 'ginned up by the pukes". As I said, I keep hearing this but don't completely understand the history.

Thanks.

[abelenkpe]

2. +1000 k&r nt