{"id":2712,"date":"2008-12-30T14:19:37","date_gmt":"2008-12-30T14:19:37","guid":{"rendered":"https:\/\/mmm.9dotdigital.ca\/?p=2712"},"modified":"2025-03-27T15:48:46","modified_gmt":"2025-03-27T15:48:46","slug":"g7-output-fall-largest-since-1970s-bottom-in-early-2009","status":"publish","type":"post","link":"https:\/\/mmm.9dotdigital.ca\/?p=2712","title":{"rendered":"G7 output fall largest since 1970s, bottom in early 2009?"},"content":{"rendered":"<p>Based on November data for the US and Japan and October figures for other countries, G7 industrial output is about 7% below its peak reached in February 2008. This exceeds the decline during the 2000-01 recession and is almost as large as over 1980-82. The biggest post-war reduction occurred in 1974-75, when output plunged 12% from peak to trough &ndash; see chart.<\/p>\n<p>Surveys signal a further decline by early 2009: for example, Japanese manufacturers plan to cut production by 8% in December and 2% in January, according to the Ministry of Economy, Trade and Industry. Reductions elsewhere should be considerably smaller but the cumulative fall in G7 output should soon approach 10%, making the current recession the second worst since the war.<\/p>\n<p>As previously noted, the initial decline in output in the three prior recessions was over after a year, suggesting a trough by February 2009. Monetary trends are also consistent with a bottom in early 2009: annual G7 real M1 growth has been picking up since August and typically leads activity by about six months.&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" style=\"width: 500px;\" src=\"\/storage\/g7_ind_out_301208.jpg?__SQUARESPACE_CACHEVERSION=1230653967255\" alt=\"\" \/><\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Based on November data for the US and Japan and October figures for other countries, G7 industrial output is about 7% below its peak reached in February 2008. This exceeds the decline during the 2000-01 recession and is almost as large as over 1980-82. The biggest post-war reduction occurred in 1974-75, when output plunged 12% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2712","post","type-post","status-publish","format-standard","hentry","category-money-moves-markets"],"_links":{"self":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2712"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2712\/revisions"}],"predecessor-version":[{"id":5021,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2712\/revisions\/5021"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}