Ironically, two consecutive horrendous household surveys following months of weak regional Fed manufacturing surveys was enough for me to say on September 7, 2012 Yes, Virginia, It's a Recession.
100% without a doubt, Canada is in the midst of an immense housing bubble. The Canadian bubble outlasted bubbles in China and Australia. Because it did, I get taunts from Canadian readers all the time.
Yesterday I was asked if the services ISM changed my view about the US being in recession. I responded that I wanted to see today's job report first. Well I have seen it and the report is nothing short of a certified disaster.
Contrary to popular myth, recession does not mean two consecutive quarters of economic contraction. Rather, two consecutive quarters of economic contraction is a sufficient, but not necessary condition.
Did you know the economy is going to fall back into another recession in the first half of next year? That’s the sad news coming from the Congressional Budget Office (CBO), in a report released this week.
Biden admits that the recession is still ongoing for millions of unemployed.
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