Flat Spain a Risk
"Spain is in its fourth year of recession," said ECRI managing director Lakshman Achuthan. "That realization is not there, but it's going to become apparent. In that context, a global slowdown is hardly helpful."
ECRI's long leading indicator for global industrial output sig nals a summer growth slowdown. Data from the U.S., Europe and China also point to that, including a 4-month low in ECRI's weekly leading U.S. index.
Achuthan added that while the Spanish index has edged up lately, it 'does not yet qualify as a real cyclical upswing...'"