Word: downturns
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...weakness in demand and a sign the economy is slowing." Englund says the drop below August's sales levels are mostly due to extremely weak auto sales, as people have had difficulty getting loans due to tighter credit and higher rates. "Our view is that the current downturn will equal or surpass the downturn of late 1990, early 1991," says LaVogna...
...while Paris' CAC 40 and Frankfurt's Dax both shedded 3.1%. Some of that slippage, market analysts said, came from profit-taking on gains posted earlier in the week. But the major factor came from broader concern and confusion about just how bad - or not - the expected general economic downturn will...
...next as a result. The situation is particularly critical in Europe, where national economies were slowing markedly even before the financial crisis exploded. Most economic statistics in the U.K. and around the Continent already look awful, but the turmoil of the last few weeks will likely make the downturn longer and more painful. "You name it, it's falling," says George Buckley, a London-based economist for Deutsche Bank...
...everyone is so lucky. Recent industry research shows that falling purchasing power and consumer fear of a looming downturn have caused spending in France's cafés and restaurants to slump around 20% this year. Nearly 3,000 of the nation's restaurants closed down or went bankrupt in the first half of 2008. That wave of failure may well rise as newcomers who relied on credit to get started find themselves stretched to make their payments as revenues slump. "If I were 30, starting out with loans to reimburse, I'd be in big trouble," says Bonduel, relieved...
...also struggling with the downturn, especially the massive decline in car leasing contracts in the U.S. It says that its plant in Leipzig will close for a week later this month and its Regensburg plant will shut from Nov 3 to 7, during the Bavarian Fall holidays. Union officials say the company's main plant in Munich may also shut for a few days. Ford plans to cut production at its Saarlouis plant in southwestern Germany and says it is also laying off 204 part-time workers. Mercedes parent Daimler announced earlier this year that because of slower demand...