Shortages, inflation and a further slump loom.
A modest pickup in global growth would also prevent a further slump.
To assess the risks of a further slump, we track two measures of valuation.
Pam Tatlow, chief executive of thinktank million+, said the figures could indicate a further slump in university application rates and said alarm bells should be ringing in government.
Biting into Nokia's market share, the company's hottest rival, Samsung Electronics, reported soaring profits, while Nokia forecast a further slump.
A report by Merrill Lynch forecast a further slump in the pound in early 2017 to $1.15, from $1.22, which it predicted would further raise import prices and push inflation even higher.
China cut its key lending rate for a second time in a month to prevent a further slump in manufacturing and a collapse in property values following a decade-long house price bubble.
"I don't think we're in for a further slump, but I think the recovery is going to be slow and painful," said Michael Carliner, a visiting fellow at Harvard's Joint Center for Housing Studies.
The economic reforms including the restoration of the wartime McKenna duties (a 40-percent income tax and a 50-percent excess-profits tax), the gold standard, and the silk tax proposed by Baldwin's appointee to the Exchequer, Winston Churchill, failed to prevent a further slump in the coal trade.
Russia's statement that it might reduce the share of its foreign-currency reserves held in dollars sent the greenback into a further slump, and the euro rose above $1.31 for the first time in the history of the single currency.
