Asian economies stumble; US faces sales test

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London: spending on gifts for the holiday season is going to be down considerably,” said Eric Anderson, professor of marketing at the Kellogg School of Management, Northwestern University in Illinois. “Black Friday will be the first indicator of how bad it’s going to be. “

South Korea, Asia’s fourth-biggest economy, followed Japan’s pattern in reporting a sharp drop in factory output in October, leading some analysts to expect a full-blown recession rather than a slowdown projected by the authorities. India, like China a major contributor to global economic growth in recent years, reported better than expected growth of 7.6% in the third quarter versus a year ago. But the economy lost momentum from the previous quarter’s 7.9%.