Floyd Norris draws attention to the Index of Coincident Indicators, compiled every month from official US government data, which indicates that the current recession has become the second-worst in the last half-century and is close to surpassing the severe 1973-75 downturn. The figure for March, released this week, showed a decline of 5.6% from the high set in November 2007, the month before the recession officially began in the US. The index is constructed from four indicators - unemployment, personal income, industrial production and manufacturing and trade sales.
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