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Services Pmi Joins The Production Pmi...down


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Its all locked in, nothing to fear, keep calm etc etc


Depression here we come, this huge fall in services growth is not surprising. The rise the month before was the real surprise. We are going for an export lead recovery with the US heading for / in recession and the Euro about to implode. Who are we meant to export to?

More QE will come in a few months but will not help growth; at least we can prevent the banks from collapsing.

More creative policy going to be needed or we can look forward to no growth for a few decades.

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The figure was above 50, so positive. Just less positive than expected. not the end of the world, but heading that way.

Yep but so much below forecast is real blow. My business sells to the service sector so i dont want to see a fall but if you poll consumer sentiment and sit in on the business briefings most businessess are amazed they are turing in OK numbers given the conumer feeling.

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Most of my clients are contracting - have been for months. Now is far worse than during the official recession. Far worse. Discretionary spending has fallen off a cliff!

I'm working all hours of day and night trying to keep people afloat. Horrible.

SORRY TO HEAR THAT, but not surprised. I have friends who weathered the first recession but are on the edge now with orders falling sharply in construction. Talk of shutting up shop and seling the house is on their lips. Retail has fallen off the cliff for most retailers as I said about 6 weeks ago on here. Services that will now be affected will be restaurants and even some gyms, art shops/picture framers, fancy goods, al except top ens clothing will recede - usually the smaller ones first. Manufacturung exports wil now slow sharply as the world gugrles down the same drain called debt mountain. And when we are out again, the greeen shoots will arrive.

Best thing we could do is to put up interest rates to 4% base rate for mortgages and stop ripping savers off by giving their money to over margined banks who have now had all their lost money back and more. We should enforce 2.2x incomes + 0.5 second income multiples, across the board, with 95% LTV maximum enshrined in law. A two tier base rate system could be employed. Pull the rediculous home and lnad prices down to match incomes. Don't then waste so much on housing benefit paying silly rents, or spend time telling people they cannot afford a tiny 3 bed home because it's 10 times their income.

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Saw this linked from that site....

"How I'd Improve the Housing Market for First Time Buyers"

(lots of comments)


In fact just before the bankers and the presenters of Top Gear (none of whom would be afforded the dignity of a clean death by firing squad.)

He wants to execute James May?


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That doesn't sound like the sort of activity which enables you to go round saving others. Or is throwing an anchor to a drowning man chalked up as another rescue?

I don't know that level of hot air fro blue sky industry (we rtain a few so this is in jest) could lift may to safety ;)

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