It's darkest after the dawn preceded by the darkness

Paul Krugman says we're not out of the thicket, yet:

[H]as the economic news started to darken again? Up through about March, every report was worse than you expected, often worse than you could have imagined. Since then, most reports — although continuing to be bad in an absolute sense — have “surprised on the upside.” But my sense is that in the last few days we’ve been getting reports — Korean trade, Japanese orders, German exports — that are once again surprising on the downside.

This thing ain’t over yet.