The bank also said that capital spending was decreasing and corporate earnings were deteriorating, especially in manufacturing.
"Despite the deteriorating global backdrop, U.S. manufacturing continues to expand," said Paul Ashworth, chief United States economist at Capital Economics.
HONG KONG — As world leaders assembled in London for the Group of 20 summit meeting this week, the latest evidence of the severity of the economic crisis emerged Wednesday from Asia, with business confidence in Japan plummeting to a record low, South Korean exports falling for a fifth consecutive month and a manufacturing index deteriorating in China.
Chris Williamson at Markit told Reuters: "There's a pretty clear picture in Germany of conditions really deteriorating very markedly, especially in manufacturing and that's a symptom of domestic and export demand continuing to falter".
In 2003, the nonprofit organization Housing Vermont began renovating a deteriorating apartment building in the depressed manufacturing town of Springfield.
By Kirk Kardashian October 9, 2013 In 2003, the nonprofit organization Housing Vermont began renovating a deteriorating apartment building in the depressed manufacturing town of Springfield.
The contrast between his childhood and declining industrial Philadelphia with its shrinking manufacturing sector, racial strife, deteriorating infrastructure, and narrow rowhouse-lined streets could hardly have been starker.
FRANKFURT — In what passes for good news in Europe these days, a survey Monday showed that manufacturing in the euro zone was deteriorating more gradually than preliminary estimates had indicated.
Analysts said the reports soothed investors who were nervous after a report on Tuesday suggested that manufacturing activity in the Midwest might be deteriorating.
Our long-term weakness stems not from a shortage of consumer credit the main obsession of Wall Street and both parties but from the decline in manufacturing, growing dependence on imported fuel and deteriorating basic infrastructure.
