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"The doomsday scenario, the big contraction, might be happening right now.
A score below 50 indicates the economy is shrinking: October's reading points to a big contraction.
But now, as the city braces for a big contraction in the financial sector as a result of the credit crisis and the collapse of Bear Stearns, the fallout could be worse than in the past.
Lord Patten has his work cut out to placate both camps.Even more pressingly, the BBC is facing a funding squeeze, which has necessitated a big contraction of the World Service's output and other economies.
So in the near term, the government has to be prepared to spend to offset the big contraction in demand as people become more cautious and begin to save more.
Similar(52)
The biggest contraction came in the government sector.
Paper and glass would face a bigger contraction, of 5%.
Housing construction is in the midst of its biggest contraction since World War II.
China's factory activity suffered its biggest contraction in two years in July as the number of new orders fell.
The panel expects a bigger contraction of Japanese GDP in 2002 and slower growth in 2003 than it did a month ago.
THE economy is set to shrink by at least 7% this year, the biggest contraction since records began in 1927.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com