{"id":2912,"date":"2009-12-11T14:39:52","date_gmt":"2009-12-11T14:39:52","guid":{"rendered":"https:\/\/mmm.9dotdigital.ca\/?p=2912"},"modified":"2025-03-27T15:48:57","modified_gmt":"2025-03-27T15:48:57","slug":"global-recovery-on-track-despite-october-stall","status":"publish","type":"post","link":"https:\/\/mmm.9dotdigital.ca\/?p=2912","title":{"rendered":"Global recovery on track despite October stall"},"content":{"rendered":"<p>Combined industrial output in the Group of Seven (G7) major countries and seven large emerging economies (the &#8220;E7&#8221; &ndash; Brazil, China, India, Korea, Mexico, Russia and Taiwan) rose by 8% between February and September but fell back marginally in October &ndash; see first chart. Within the G7 there were large declines in Germany and France, partly reflecting lower car production after the end of &#8220;cash for clunkers&#8221; schemes, while among the E7 output was down in India, Russia, Korea and Taiwan, in all cases following strong gains.<\/p>\n<p>The October setback was not signalled by business surveys and probably represents a pause for breath in an ongoing solid recovery. As the chart shows, a composite of the OECD&#8217;s leading indices for the G7 and E7 countries continued to rise strongly in October. G7 narrow money trends also suggest favourable near-term growth prospects &ndash; see previous <a href=\"http:\/\/www.moneymovesmarkets.com\/journal\/2009\/11\/23\/monetary-backdrop-still-positive-for-markets-economies.html\">post<\/a>. Today&#8217;s Chinese output numbers for November were upbeat.<\/p>\n<p>The recent recession and current revival in world industrial output bear a close resemblance to the deep 1974-75 contraction and subsequent recovery &ndash; see second chart and another prior <a href=\"http:\/\/www.moneymovesmarkets.com\/journal\/2009\/11\/24\/global-industrial-recession-recovery-similar-to-mid-1970s.html\">post<\/a> for more discussion. This comparison suggests a continuing upswing through 2010 but with growth momentum slowing as the year progresses.<\/p>\n<p><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" src=\"\/storage\/graphs\/g7e7-111209.jpg?__SQUARESPACE_CACHEVERSION=1260543250306\" alt=\"\" \/><\/span><\/span><br \/><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" src=\"\/storage\/graphs\/ind-output-111209.jpg?__SQUARESPACE_CACHEVERSION=1260543267618\" alt=\"\" \/><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Combined industrial output in the Group of Seven (G7) major countries and seven large emerging economies (the &#8220;E7&#8221; &ndash; Brazil, China, India, Korea, Mexico, Russia and Taiwan) rose by 8% between February and September but fell back marginally in October &ndash; see first chart. Within the G7 there were large declines in Germany and France, [&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-2912","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\/2912","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=2912"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2912\/revisions"}],"predecessor-version":[{"id":5221,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2912\/revisions\/5221"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}