A global recession is not in prospect

From The Economist

A weak jobs report in America has raised fears that the world’s largest economy is heading for recession. America’s stockmarkets have tumbled, with fear spreading to other countries. Japan’s Topix index is 15% off its recent high; Germany’s main index is down by 7%. When America sneezes, everywhere catches a cold.

But a look at the latest data suggests that the global economy is not in danger, and that the market panic may be misplaced.