Every single market movement and utterance from an economic sage is being met with speculation about the dreaded double-dip.
Today a scan of Google News will throw up over 7,000 articles on the subject and with the Dow closing last night below 10,000 points at 9985.81 pressures are growing:
Here are some key Data you should be aware of
Three consecutive days of Dow Jones gains were brought to a juddering halt last Thursday (19 August) with the release of the latest unemployment figures in the US. The news that 500,000 new claims for unemployment benefit were filed in the week ending 14 August was not welcome. The index headed downward and global markets duly followed.
Sir Alan Budd continues to grab the headlines since leaving his post as chairman of the Office for Budget Responsibility. Although he stressed it was only a possibility, the economist suggested in an interview with Radio 4’s Today programme that a double-dip “is a possibility” in the UK.
A poll by YouGov found 55% of UK adults believe there may be another economic slump in the next year, although only 14% think this is very likely. Tellingly, only 4% are confident the country will not enter recession again.
Former Merrill Lynch economist David Rosenberg told CNBC: “The risks of a double-dip recession – if we ever got out of the first one – are actually a lot higher than people are talking about right now. I think that it is almost a foregone conclusion, a virtual certainty.”
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