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Slowdown spreading outside U.S.(NEWS)

According to a recent Dupont economic report, the economic slowdown that began in U.S. housing markets in early 2006 and spread to the overall U.S. economy in late 2007 has spread. While growth in real GDP in Europe and Japan remained surprisingly strong through the first quarter, monthly data show a sharp slowdown since February. Industrial production in European Union manufacturing peaked in February and was down 1.8% after a sharp decline in May.

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Conditions have been weakening for some time in Spain and Italy. In Spain, a housing bubble burst in late 2006 and industrial production peaked in May 2007. By May 2008, industrial production was ...

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