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All the signs are that we are on the edge of a downturn - although we do not yet know how severe it will be State of the industry RESEARCH BY GLENIGAN.

At first sight, the figures for August suggest that we are galloping into recession, but in fact comparison with the figures for August 1997 suggest that the main component is a simple seasonal downturn. The jury is still out, however, on whether we are at the start of a recession. Ominously, the phrase, 'We mustn't talk ourselves into a recession,' is being heard again - last used at the start of the late 1980s downturn which proved that talking had little power one way or the other ...

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