Friday, 9 January 2009
Finnish Manufacturing Activity In Free Fall
Some coud argue that the media has been spreading bad news about the economy, maybe even exagerating the problem. But It seems, according to the data published by Statistics Finland, that the indicators are all pointing to the red. The data keep coming , getting from bad to worse.
The metal industry has seen its orders falling by almost 50%, I think this is a record deterioration. The manufacturing as a whole is contracting a record pace.
Obviously another important factor is the amount of temporary layoffs locally and worldwide (car industry for example) that has occurred during that period which undoubtedly has an impact on output.