Leave your feedback Share Copy URL https://www.pbs.org/newshour/show/after-brief-euphoria-in-markets-investors-sell-amid-weak-sales-rising-prices Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter Transcript Following a brief upswing in world markets this week, investors and analysts see growing signs of a global recession in weak earnings and troubling manufacturing figures. Economists discuss the ongoing problems and the forces driving them. Read the Full Transcript Notice: Transcripts are machine and human generated and lightly edited for accuracy. They may contain errors. JEFFREY BROWN: The week began with euphoria in the markets after Europe and the U.S. announced steps to prop up the global financial system. But just two days later, a much more sober view of the economy led to a market plunge.We take our own look now with: Liz Ann Sonders, chief investment strategist for Charles Schwab; Mark Zandi, chief economist at Moody's Economy.com; and Jim Ellis, assistant managing editor at BusinessWeek magazine.Well, Liz Ann Sonders, the markets took a hard look at the economy today. What did they see? LIZ ANN SONDERS, Charles Schwab: Well, there were a couple of numbers that were reported. Retail sales was, for lack of a better word, ugly.Even without inflation taken into consideration, retail sales were down 1.2 percent. And it was for the most part across the board. About the only glimmers of some strength were in the true non-discretionary areas, you know, food stores and drug stores. And, obviously, that is not what you want to see to see any kind of health in retail sales.The Federal Reserve's Beige Book came out, which is just a broad measure of economic activity across the country. That was much weaker than expected.There was another consumer comfort poll or index that came out today with the second worst reading in history and a record jump in the percentage of respondents to that survey that believe the economy is worsening from here, fully 82 percent, which we've never seen a number that high.So it was quite a mix of negative news today. JEFFREY BROWN: And, Mark Zandi, how — fill in the picture a bit more. Regionally were there differences, strengths or weaknesses?MARK ZANDI, chief economist, Moody's Economy.com: Well, you know, the Beige Book, which is a compendium of observations on the economy put together by the 12 Fed district banks across the country, in Boston and Chicago and San Francisco and elsewhere, were uniformly negative.I don't think I've ever read a report as uniformly bad as this one. They're suggesting that retailing is bad. Housing is bad. Manufacturing is bad. Tourism is weak, banking.The only thing that is doing at all well is agriculture and energy. And based on my own work, there are now 27 states across the country that are in recession, in my view, and another 14 that are pretty close and probably will be in recession by the end of the year.So one of the hallmarks of the current economic environment is that the problems are so broad-based across the country.