Fortis Investments is one such believer and is telling its clients that they are currently in the second down phase. That implies a rebound is coming, but Fortis is not ready to say when. Not anytime soon, is all it suggests.
One quick gauge of a country’s economy, meanwhile, is to drop into a popular shopping area and see what people are doing. Purely subjectively, a visit last week to two malls in the United States — in Maryland and Virginia — suggested things are pretty bad.
Fewer shoppers than usual, very few carrying actual purchases — the bag test — and sales on at just about every shop.
One exception: traffic at one Apple Store was heavy enough that customers wanting to enter were queueing behind a rope outside.