charleshughsmith.blogspot.com / CHARLES HUGH SMITH / SUNDAY, AUGUST 13, 2017
If we stop counting zombies, we’re already in recession.
How shocked would you be if it was announced that the U.S. had just entered a recession, that is, a period in which gross domestic product (GDP) declines (when adjusted for inflation) for two or more quarters?
Would you really be surprised to discover that the eight-year long “recovery,” the weakest on record, had finally rolled over into recession?
Anyone with even a passing acquaintance with the statistical pulse of the real-world economy knows the numbers are softening.
— Auto/light truck sales: either down or off a cliff, depending on how much lipstick has been applied to the pig.
— Restaurant/dining sales: down.
— Tax receipts: down.
— Retail sales: flat, stagnant or down, depending on the sector and if the numbers have been adjusted for inflation/loss of purchasing power.