The cruelest month was actually one of the kindest this year. Economic data, not least from Asia, were sufficiently perky to trigger talk of V-shaped recoveries. Industrial production came blasting back and declines in exports were less precipitous, as inventories were already pared. So what went wrong in May?
今年最殘酷的月份實際上也是最美好的月份之一。經濟數據——特別是來自亞洲的數據——顯得意氣風發,足以引發“V型復蘇”之說。工業生產強勁回升,出口跌勢趨緩,而庫存已經縮減。那么,5月份怎么了?
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