During a typical global recession, all areas of the economy, such as manufacturing, services, retail, construction and trade, tend to have a downward turn at the same time; but, according to a June 5 reportfrom Jeffrey Kleintop, managing director and chief global investment strategist at Charles Schwab & Co., only manufacturing and trade seem to be in a global recession.
Kleintop analyzed indicators such as industrial production, worldwide trade volumes, job growth by industry, surveys of purchasing managers at manufacturing companies, and others and refers to the phenomenon as a “cardboard box recession.”