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But a cumulative fall in output of 1% is easy to imagine.
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That is exactly the cumulative fall in home prices we've had at the national level.
He thinks a cumulative fall in home prices of 10% is "very possible".
(Note that in the worst U.S. recession since WWII, such cumulative fall in GDP was only 3.7% in 1957-58).
The eurozone manufacturing PMI came in at 46.1, showing another fall in output (see 9.07am).
Is it Greece, where the 20% fall in output is of Great Depression proportions?
In the short-term, a further sharp fall in output will cut overall growth in GDP.
Others also suffered large falls in output – such as Germany (4.9%) and Japan (5.3%).
Both manufacturers and services firms reported falls in output.
The long duration also implies that the cumulative shortfall in output from debt overhang is potentially massive.
Colombia said it expected a huge fall in farm output.
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