RSS

Advertisement

Rosenberg: 13 Signs That We’re In A Depression – Right Now.

  • Written by Syndicated Publisher No Comments Comments
    September 8, 2010

    great depressionFrom 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

    Real GDP is still down 1.3% from the peak

    Industrial production is still down 7.2% from the peak

    Industrial production is still down 7.2% from the peak
    Industrial production data, from the Federal Reserve.

    Employment is still down 5.5% from the peak

    Employment is still down 5.5% from the peak
    Civilian Employment St. Louis Fed

    Retail sales are still down 4.5% from the peak

    Retail sales are still down 4.5% from the peak
    Retail sales, from the St. Louis Fed.

    Manufacturing orders are still down 22.1% from the peak

    Manufacturing orders are still down 22.1% from the peak
    Manufacturing orders, from the St. Louis Fed.

    Manufacturing shipments are still down 12.5% from the peak

    Manufacturing shipments are still down 12.5% from the peak
    Manufacturing shipments, from AccuVal.

    Exports are still down 9.2% from the peak

    Exports are still down 9.2% from the peak
    U.S. exports, from Trading Economics.

    Housing starts are still down 63.5% from the peak

    Housing starts are still down 63.5% from the peak
    Housing starts, from the St. Louis Fed.

    New home sales are still down 68.9% from the peak

    New home sales are still down 68.9% from the peak
    New home sales, from the St. Louis Fed.

    Existing home sales are still down 41.2% from the peak

    Existing home sales are still down 41.2% from the peak
    Existing home sales, from Realtor.

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

    Non-residential construction is still down 35.7% from the peak
    Non-residential construction, from biz570.

    Corporate profits are still down 20% from the peak

    Corporate profits are still down 20% from the peak
    Note: From the St. Louis Fed charts, we can’t see the conclusion Rosenberg is coming to, as profits appear to have now drawn level.
    Share on FacebookTweet about this on TwitterShare on Google+Share on LinkedInPin on PinterestShare on RedditShare on TumblrDigg thisBuffer this pageFlattr the authorEmail this to someonePrint this page

Advertisement