If anyone is looking for barometers of how the world is doing, you only have to look at Swedish firm Volvo which has taken orders for just 115 new lorries over the last three months.

In the third quarter of 2007 the order book was for near 42,000 lorries which represents a fall of 99.7%. Volvo is not the only business in this sector that is in trouble with Scania (of which Volvo is a majority shareholder) has seen its truck orders in Europe crash by 69% in the last three months.

Shares in Volvo have plummeted by 20%, as it has reported a 37% plunge in earnings for it’s third quarter. The company, having already announce 1,400 job loses in September, has said that this rapid decline in its business could see thousands more job losses!