The April Empire State Manufacturing Survey "unexpectedly" collapsed 42.6 points, from +10.8 to -31.8. Outside of the Covid lockdown, that's the biggest MoM drop ever. New orders also fell the most since Covid, indicating the #recession the #Fed expects will be anything but mild.
— Peter Schiff (@PeterSchiff) May 15, 2023
Morning update: Home Depot on Tuesday reported its biggest revenue miss in more than 20 years and lowered its forecast for this year, as consumers delay large projects and buy fewer big-ticket items like patio sets and grills.
Peter Schiff has correctly predicted 10 of the last two recessions.
You can stop reading at “indicating” and it’s still a worrying statistic. It sure looks like we are heading into a recession that the government predicted wouldn’t happen.
Government crushing all activity could not possibly have anything to do with it eh?
Along with printing new bills 24/7/365.
Since 1970 when I graduated high school there have been recessions approx. every 8-10 years. The last recession was in 2008 (again caused by the American government allowing financial idiots to overextend themselves in the housing market). The Canadian and American economies should have had a recession in 2018 if the history of recessions had held true.
The last time there was an extended period of prosperity was from the end of World War II until 1961(about 14 years). Because I have been self-employed for most of my working life, I always saved money during the good times and never over extended myself. Sadly with the rise of Heloc’s, people thought that the economic laws had changed. They had not.