Recession Worse Than Prior Estimates, Revisions Show

The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed.

//www.bloomberg.com/apps/news?pid=20601087&sid=aNivTjr852TI



NAFTA Trade Takes Record 35.4 Percent Dive

Trade using surface transportation between the United States, Canada and Mexico dropped 35.4 percent in May, the largest year-over-year decline on record.In the eighth consecutive month of falling trade, imports from Canada and Mexico to the United States in May were down 38.1 percent from May 2008 while exports from the United States declined 32 percent.

//www.joc.com/node/412655



Industrial Capacity Use Hits Record Low

Use of industrial capacity fell to its lowest point ever in May as output of factories, mines and utilities slipped another 1.1 percent from April and fell 13.4 percent below last May's level.

//www.joc.com/node/411908


From Information Clearing House

--------

On A World without Growth
//www.commondreams.org/view/2009/07/31-1



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//freepage.twoday.net/search?q=NAFTA
//freepage.twoday.net/search?q=consumer+spending
//freepage.twoday.net/search?q=housing
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