From www.businessinsider.com

David Rosenberg has outlined, in his latest letter, the 13 reasons with this so-called recovery is actually a depression.

Rosenberg sums it up like this:

This is what a depression is all about — an economy that 33 months after a recession begins, with zero policy rates, a stuffed central bank sheet, and a 10% deficit-to-GDP ratio, is still in need of government help for its sustenance.

Each one of these 13 reasons is more damning and highlights the true state of the economy: caught in a liquidity trap with little way out.

Wages and salaries still down 3.7% from prior peak

Real GDP is still down 1.3% from the peak

Industrial production is still down 7.2% from the peak

Employment is still down 5.5% from the peak

Retail sales are still down 4.5% from the peak

Manufacturing orders are still down 22.1% from the peak

Manufacturing shipments are still down 12.5% from the peak

Exports are still down 9.2% from the peak

Housing starts are still down 63.5% from the peak

New home sales are still down 68.9% from the peak

Existing home sales are still down 41.2% from the peak

Non-residential construction is still down 35.7% from the peak

Corporate profits are still down 20% from the peak