The world economic outlook Thursday morning was not bright, with the Britain reporting that unemployment rose from 5.4% in the second quarter of 20008 to 5.8% in Q3 (CNN, Times UK) and is likely to go higher, and Asian stocks falling lower as markets there begin to accept that a recession is underway (Reuters). In the US, Treasury Secretary Henry Paulson changed course and announced that government bailout money will be used to boost consumer spending (Bloomberg). The pound fell to a new low against the euro of £0.8356 and a six-year low against the dollar, at 1.49. (Financial Times). Meanwhile, Germany, Europe’s largest economy, officially entered a recession, according to Bloomberg.

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