Data on mortgage applications for purchase and new and existing home sales attested to a striking contraction in housing market activity. And eventually prices began to follow.

抵押贷款购买申请数和新的房屋以及现存房屋的数据表明房地产市场活动大幅度收缩，并且最终价格接着下跌。

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Theoretically the fall in prices should trigger a contraction of supply, as older ships are scrapped and new orders are cancelled.

理论上讲价格下跌应引发供应缩减，伴随着旧船的废弃和新订单被取消。

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In other emerging markets, the new, crowd-pleasing IMF has advocated counter-cyclical policies to combat the ill effects of global contraction.

在其他新生市场，群众拥戴的IMF提倡实现反周期政策应对全球经济紧缩带来的负面影响。

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Two years into this recovery we are quickly approaching the point in the cycle where we might expect a new cyclical contraction in economic activity.

FORBES: Recessionary Differentiations

The Philadelphia Federal Reserve's index of manufacturing activity showed a bigger-than-expected contraction in August, one day after a New York reading showed a contraction for the first time this year.

WSJ: Stocks Approach Multiyear Highs

The PMI in March, for example, strengthened to 61.2, up from 57 in December. (An index value of 50 is the demarcation between and expansion and contraction.) New orders, production and employment all showed increased strength.

FORBES: Job Creation, Economic Growth And Social Justice