Fear For Recession Looms

True to my scepticism, global markets did not hang on to a sustainable recovery as the optimistic mood from the series of global banking rescue plan fizzles out. Investors' mood soured when the U.S. government report showed that sales at U.S. retailers last month slid by the biggest monthly drop in more than three years. For that matter, U.S domestic growth is heavily reliant on consumer spending as consumer spending accounts for two-thirds of U.S. economic activity.

Technically U.S is still not in recession but unfortunately most people in the streets already feel so many months ago!

With the ballooning debts in US ( i was told national debt has reached US$10 trillion!), it is certainly an extremely worrying course for the Americans and the rest of the world!