FEBRUARY 14, 2002
The recession is still deepening
ACCORDING to the latest word from the National Bureau of Economic Research, the recession is not over yet, despite a few signs that things are improving in the world's largest economy. According to the organization the economic data is still showing declining manufacturing and increased job losses and that means that the world is going to have to wait a little longer for a recovery to begin. The motor racing world has been suffering badly in recent months as sponsorship budgets have been slashed and a lot of teams have gone out of business or are now suffering. If the recession continues into the autumn there are likely to be more victims as sponsorship budgets for 2003 will be decided in that period.