Succinct Summary: We are clearly in a recession with very low visibility on how we are going to come out of it. Companies are also seeing consumers move away from credit as they also shift away from discretionary spending. On the positive, there are some promising signs of recovery as shorter cycle businesses like auto come back.
Succinct Summary: The story has been the same for most of this year. Consumer spending and sentiment remains strong while business investment and sentiment stay weak. There may be signs of an industrial uptick in China though.