Friday, February 20, 2009

The Great-ish Depression

. Friday, February 20, 2009

Menzie Chinn says things are really bad in the industrial and manufacturing sectors:

To sum up, industrial production is lower than at the corresponding point in any previous post-War recession. For manufacturing output, the same is true back to the 1973 recession (as far back as this series goes). ...

It is interesting to see how fast output has declined in the past six months; industrial production has declined 9.3% (in log terms) since 2008M07, and manufacturing production by 12.3%. The three month rate of decline (annualized, log terms) is 21.7% and 31.7% respectively.


The Great-ish Depression




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