The US finally got quarterly GDP data which turned negative; however, the negative number was less than expected at -.3%. Initial jobless claims are showing a 12 week moving average which is much higher than the 2001 recession especially adjusting for 9/11 and are reaching levels seen in 1990. Continuing claims are still accelerating and match 2001 while exceeding 1990. It is going to be a cold Christmas for consumers.
Europe is no better with European Commission consumer confidence hitting lows that are similar to the 1993 recession. Economic confidence has fallen to 1990 lows. Industrial confidence is sliding to 1992 levels. Services confidence which was started in in 1995 has reached all time lows.
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