A Traveller's Tale: The view from Chicago suddenly turns bleak

The windy city is abnormally subdued as prospects of a US double-dip recession mount, says Nick Hood.

Last Updated: 31 Aug 2010

Coming back to Chicago after a year was a journey to a land of palpable uncertainty.  America and its entrepreneurial citizens are struggling to get their heads round a slew of negative indicators about the performance of their world powerhouse economy.

News was breaking that requests for building permits, a vital indicator of the health of the savagely depressed residential real estate market, had fallen by 3% in July.  This offset a slight improvement in manufacturing, but the real bad news is that this is rapidly turning into a jobless recovery, if indeed it is a recovery at all. American firms cut their payrolls by 131,000 in July, the second successive monthly fall.  At the same time, there are fears of inflation as wholesale prices for food, cars and other core producer prices rose for the ninth month in a row. [CONTINUES]

In today's bulletin

Ad market bouncing back, says WPP's Sorrell
HP squares up to Dell over £1bn data biz acquisition
Persimmon beats Bovis to divvy, but mortgage woes continue
Campbell's souper bid for UB takes the biscuit
A Traveller's Tale: The view from Chicago suddenly turns bleak

Find this article useful?

Get more great articles like this in your inbox every lunchtime

Sarah Willingham: I will never start another business again

The entrepreneur and investor on top leadership skills, pivotal career moments and Dragons' Den.

A new etiquette for video meetings

Virtual calls are not the same as in-person conversations, so we need to change the...

There's opportunity in this recession

A Schumpeterian view of closing businesses.

Is it okay to spy on my staff if I think they're slacking ...

Everything you wanted to know about employee surveillance but were afraid to ask.

The psychology of remote working

In depth: The lockdown has proven that we can make working from home work, but...

A simple cure for impostor syndrome

Opinion: It's time to stop hero-worshipping and start figuring out what greatness looks like to...