It measures prices compared with those in January 2000 and creates a three-month moving average.

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Its three-month moving average, considered a recession indicator, fell from -0.26 in July to -0.47 in August.

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Its closely watched three-month moving average is now at -0.4, just fractionally above the -0.7 level that has marked the beginning of all seven recessions that have taken place since 1970.

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Still, the three-month moving-average, at 746, 000, was above both the first and second quarter averages.

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The Barclays global business confidence index declined further in May, to -0.45 from -0.02 (three month moving average), the largest single drop in this series since December 2008, the investment bank said on Tuesday.

FORBES: Global Business Confidence Falls To 2008 Levels