Grim Export News Just Made this Recession Look Even Worse

For the past couple of years, exports have been the strongest part of the economy. Now that sector has succumbed to the global recession.

The sharp drop of the past few months is worse than I had foreseen. At this point, there's no strong industry in the private-sector economy. That doesn't mean the recession will last forever, but it looks worse than it did just a couple of months ago.