The economy is showing signs of being in deep trouble.
Growth is set to slow "markedly", according to the British Chambers of Commerce which yesterday reduced its forecast for this year from 2.5 per cent to 2.4 per cent and highlighted the " acute risks" facing manufacturing.
The sharp slowdown would be driven by lower growth in household consumption, with personal spending dampened by higher personal debt and a cooling housing market.
The "very weak" performance of manufacturing will worsen the downward pressures on the economy, it warned.
The housing market is heading for its worst year for a decade with sales volumes diving and price growth stalling, according to the latest figures.
Property website Rightmove said transaction levels during the first three months of the year were the lowest since 1995.
We all know that spending in the High Street has hit the buffers.
And even the Stock Market is wobbling.
Investors' confidence fell for the second month running during April.
JPMorgan Asset Management said 18 per cent of people expected the FTSE 100 Index to fall during the coming six months, up from 14 per cent in March. Albeit a third of investors still expect the index to rise over the coming months.
Jasper Berens, UK sales director, said: "Recent negative economic news has taken its toll on investor confidence, in particular reports that retail spending is down, a flat housing market and the FTSE dropping by two per cent.
"In addition, the collapse of the Rover Group and redundancies at IBM have generated negative headlines and may have had an impact on general feelings of confidence."
Not a good time then to see the Department of Trade and Industry in what appears to be a mess.
Let's just say the naming and re-naming of the Department of Trade and Industry was just pure farce.
Department of Productivity, Energy and Industry back to DTI in the blink of an eye.
The other day I stumbled across a great sports story - Manchester United's new owner Malcolm Glazer had decided to sack manager Alex Ferguson, Birmingham's Steve Bruce was in negotiations to go to United, and Lions boss Sir Clive Woodward was set to join Birmingham. The trouble was - I then woke up.
What excuse, I wonder, did Tony Blair and new Trade and Industry Secretary Alan Johnson have?
Just for the record here is the current DTI line up - Ian Pearson, Minister for Trade, Malcolm Wicks, Minister for Energy, Lord Sainsbury, Minister for Science and Innovation, Gerry Sutcliffe, Minister for Employment Relations & Consumer Affairs, Barry Gardiner, Minister for Competitiveness and Meg Munn, Deputy Minister for Women and Equality.
Let's hope they do rather better than their inglorious start indicates.
Industry desperately needs an effective DTI and it will not be amused at the latest ignominious piece of theatre.
The honeymoon is already over.