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In which mental category does the current contraction belong: recession or depression?
The current contraction in financing will take care of much of the glut.
However, credit is tight these days and looser credit will be crucial to recovering from the current contraction.
It also emerged that the EU's calculations depend upon the Greek economy growing at 2% a year compared with the current contraction of 5.5%.
Mr. Riehle said that the industry had never before experienced even two consecutive years of real sales declines, making the current contraction unprecedented.
"Reports noting the current contraction of the manufacturing economy and excess production capacity for durable goods underscore the need for U.S. manufacturers to adapt to permanent systemic changes taking place," said Ralph Nappi, president of the machine tool distributors' group in Rockville, Md. "No doubt business will improve, but not to prior levels".
Similar(49)
One of the less significant current contractions in journalism, you may think, and not universally mourned.
Weakened first by oil price volatility and then by the current, sharp contraction in economic growth, nearly 30 airlines have vanished over the past 18 months.
Analysts at the Milken Institute warn that a "pessimistic" projection of the current Asian contraction would leave the San Jose, California, technology region dividing up a 3% smaller economic pie by the year 2000.
Analysts at the Milken Institute warn that a "pessimistic" projection of the current Asian contraction would leave the San Jose technology region dividing up a 3% smaller economic pie by the year 2000.
Last week, we examined a way to expand during the current economic contraction.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com