"It's worse than we expected and the size of the contraction in consumer spending is a particularly nasty surprise, " said Unicredit economist Loredana Federico.

BBC: Italy recession deeper than first estimated

In other words, the Russians are going to undergo a substantial contraction in the size of its strategic nuclear arsenal, whether we do or not.

CENTERFORSECURITYPOLICY: Center For Security Policy

And the turnaround comes at a cost, in the shape of a contraction in the size of the economy during the April-June quarter - the second in a row - thanks to the shrinking consumer spending.

BBC: Koreans are going back to cash after their credit binge