Just how badly are overseas economies faring? The Conference Board reports that its "international economic scoreboard" for November indicates that leading indexes of the major industrial nations have stopped rising--raising the risks of a global recession. And international economist William Sterling of Merrill Lynch notes that since last spring, total industrial output of the Group of Seven nations has been declining from its year-earlier level.
Meanwhile, the economy of western Germany contracted at a 2% annual rate in the second quarter, and the Japan Center for Economic Research says that the Japanese economy will post a 1.5% annual drop in the third quarter. "The global picture," says Sterling, "is increasingly that of a 'single scoop' recession, led by the Anglo-Saxon nations and now joined by Japan and Germany."