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What is worse than a recession?

"Are we heading for a recession" is frequently asked at the moment—but it is not currently the most important economic question

By George Magnus  

The City of London's skyline ©Steve Paston/PA Wire/Press Association Images

Are we going into a recession, or aren’t we? That is the economic question of the moment, and it came alive last week when the so-called Purchasing Manager Index (PMI) for July was published, showing a plunge to 47.7, from 52.4 in June. This is the lowest level since the spring of 2009. What does this signify, and how should we interpret it? More to the point, are we even…

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