Or so says two of the blogs I often read for US economic information:
Market Movers (*)
The Big Picture (*)
I have to concur.
However, for New Zealand there is a big plus to this collapse in US economic activity – the huge capacity constraints on shipping have lifted (Market Movers).
Shipping costs have been restrictively high for our exporters for a long time. A fall off in import activity to the US has freed up ships, which leads to much lower shipping costs for our exporters. Add to this the lower exchange rate and our tradable sector is getting one hell of a boost moving forward.
Update: Dow breaks 8,000 on the downside.