Has the Global Business Cycle Ended?

From MacroBusiness:

So, global PMIs for November have passed. Where do they suggest that the global economy is heading?

So, what does all of this say about the global business cycle? Firstly, we’d have to say that without the US, global production would be in big trouble. Everywhere else is slowing swiftly. I’d describe where we are as stall speed for the global economy. In my view, it cannot stay here sustainably. Either employment losses will accererate as businesses seek to claw back profits lost to declining demand or the new stimulus that’s being pumped in will turn demand around, lift production and job creation as inventories fall. Unfortunately, the Eurozone is doing the opposite of stimulus: austerity. Likewise, China’s seeming determination to keep a lid on property is preventing any rapid loosening there too. My bet remains, therefore, that we see further slowing from here into next year irrespective of any credit event that would repeat 2008′s dizzying plunge.

http://www.macrobusiness.com.au/2011/12/has-the-global-business-cycle-ended/