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Closer to home, Mexico has been in recession since April, with its economy shrinking for the third straight quarter.
With Italy mired in recession, its economy shrinking for the third straight quarter, an unemployment rate that surpassed 10 percent this month and dismal growth prospects ahead, the labor package is one of the principal underpinnings of Mr. Monti's agenda to spur growth.
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In Japan, the economy was shrinking for the first time since the Second World War.
AIM, its market for international and domestic start-up companies, is shrinking for the first time.
In real terms credit is shrinking for the first time since the mid-1970s recession.
World trade flows are shrinking for the first time in two decades.
Manufacturing figures, meanwhile, showed activity shrinking for the seventh consecutive month.
8.58am BST German PMI Germany's manufacturing sector has also suffered another weak month, shrinking for the sixth month in a row.
The Latin American economy is shrinking for the first time since 2009, with a projected growth for the entire region of half a per cent in 2016.
According to the Commerce Department's new figures, released on July 31st, the economy was actually shrinking for the first nine months of 2001.
A whiff of hope came from Portugal, one of the countries at the heart of the debt crisis, as the economy stopped shrinking for the first time since October 2010.
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CEO of Professional Science Editing for Scientists @ prosciediting.com