{"id":195274,"date":"2019-09-25T07:12:08","date_gmt":"2019-09-25T07:12:08","guid":{"rendered":"http:\/\/www.thetruthseeker.co.uk\/?p=195274"},"modified":"2019-09-28T05:52:40","modified_gmt":"2019-09-28T05:52:40","slug":"the-latest-numbers-tell-us-that-the-global-economic-slowdown-is-accelerating-dramatically","status":"publish","type":"post","link":"https:\/\/www.thetruthseeker.co.uk\/?p=195274","title":{"rendered":"The Latest Numbers Tell Us That The Global Economic Slowdown Is Accelerating Dramatically"},"content":{"rendered":"

Michael Snyder \u2013 The Economic Collapse Sept 23, 2019<\/strong><\/h1>\n

\"\"<\/a>Economists are already predicting \u201cthe world\u2019s lowest growth in a decade<\/strong><\/span>\u201d<\/a>, but it is beginning to look like what we will be facing will be much worse than that.\u00a0 In recent days, numbers have been coming in from all over the planet that are absolutely abysmal.\u00a0 The \u201cglobal economic slowdown\u201d is rapidly transitioning into a new global economic crisis, and central banks seem powerless to stop what is happening.\u00a0 They have already pushed interest rates to the floor (actually below the floor in many cases), and over the past decade they have absolutely flooded the global economy with new money.\u00a0 But despite all of this unprecedented intervention, economic conditions are deteriorating at a pace that is breathtaking.<\/span><\/p>\n

Let\u2019s start by taking a look at what is happening in India.\u00a0 According to CNN<\/a><\/strong><\/span>, vehicle sales in India fell a whopping 31 percent in July\u2026<\/span><\/p>\n

Just two years ago, India\u2019s huge car market was booming and global players were rushing to invest. Now it\u2019s been slammed into reverse.<\/span><\/p>\n

Sales of passenger vehicles plunged 31% in July<\/strong>, according to figures released by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday. It\u2019s the ninth straight month of declines and the sharpest one-month drop in more than 18 years<\/strong>, SIAM Director General Vishnu Mathur told CNN Business.<\/span><\/p>\n

Those are numbers you would expect to see if we were in the middle of a full-blown economic depression, and it is being projected that this downturn \u201ccould result in a million people being laid off<\/strong><\/span>\u201d<\/a>\u2026<\/span><\/p>\n

The slump has prompted companies to slash over 330,000 jobs<\/strong> through the closing of car dealerships and cutbacks at component manufacturers, Mathur said, citing data from industry associations that govern those two sectors.<\/span><\/p>\n

The Automotive Component Manufacturers Association of India warned in a statement last month that its \u201ccrisis-like situation\u201d could result in a million people being laid off<\/strong>.<\/span><\/p>\n

A million jobs is very serious.<\/span><\/p>\n

And we are talking about just one industry in one country.<\/span><\/p>\n

How many jobs will ultimately be lost all over the world in the months ahead?<\/span><\/p>\n

Over in China, the auto industry is also deeply struggling<\/a><\/strong><\/span>\u2026<\/span><\/p>\n

China\u2019s Geely (GELYF) revealed this week that its net profit probably plunged by 40%<\/strong> in the first half of the year as the world\u2019s second largest economy slowed. In June alone, its car sales fell 29%<\/strong>.<\/span><\/p>\n

That isn\u2019t supposed to happen in China.<\/span><\/p>\n

For decades, China has been one of the primary engines of global economic growth, but now things have changed dramatically.<\/span><\/p>\n

Perhaps you can blame the trade war for what is happening in China, but the auto industry is also in big trouble in Europe.\u00a0 In fact, some of the biggest automakers in the world are closing European factories and ruthlessly slashing jobs<\/strong><\/span><\/a>\u2026<\/strong><\/span><\/span><\/p>\n

Ford is cutting 12,000 jobs<\/strong> and closing six plants<\/strong> in Europe, including an engine factory in the United Kingdom. Jaguar Land Rover, which is owned by India\u2019s Tata Motors (TTM), is slashing 4,500 jobs<\/strong>. Honda is also closing a plant in the United Kingdom.<\/span><\/p>\n

If those companies expected the European economy to bounce back in the foreseeable future, they would not be making such moves.<\/span><\/p>\n

But just like you and I, they can see what is happening to Europe\u2019s economy, and on Monday we just received some more deeply troubling news.\u00a0 The following comes from Zero Hedge<\/strong><\/span><\/a>\u2026<\/span><\/p>\n

Weakness in euro-area manufacturing hit a climax this morning as German private sector activity plunged to a seven-year low<\/strong>. The Germany Manufacturing PMI slumped <\/strong><\/span><\/a>in September, dropping to 41.4, down from 44.7 in August, printing below the lowest sellside estimate (consensus of 44.4); worse, the German manufacturing recession is now spreading to the services sector, where the formerly resilient services PMI also slumped from 54.8 to 52.5, also missing the lowest analyst estimate, and collectively, resulting in the first composite PMI print below 50, or 49.1 to be precise, since April 2013. The rate of decline was one of the sharpest in seven years<\/strong>.<\/span><\/p>\n

It appears that the German economy has already entered recession territory, and these new numbers are not causing anyone to be optimistic.<\/span><\/p>\n

In fact, \u201cabysmal\u201d is hardly strong enough to describe these absolutely horrible figures<\/strong><\/span><\/a>\u2026<\/span><\/p>\n