{"id":46742,"date":"2019-06-18T15:56:15","date_gmt":"2019-06-18T20:56:15","guid":{"rendered":"https:\/\/olduvai.ca\/?p=46742"},"modified":"2019-06-18T15:56:16","modified_gmt":"2019-06-18T20:56:16","slug":"evidence-that-the-u-s-economy-could-be-plunging-into-a-very-deep-recession-is-rapidly-mounting","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=46742","title":{"rendered":"Evidence That The U.S. Economy Could Be Plunging Into A Very Deep Recession Is Rapidly Mounting"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"http:\/\/theeconomiccollapseblog.com\/archives\/evidence-that-the-u-s-economy-could-be-plunging-into-a-very-deep-recession-is-rapidly-mounting\">Evidence That The U.S. Economy Could Be Plunging Into A Very Deep Recession Is Rapidly Mounting<\/a><\/h3>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><a href=\"http:\/\/theeconomiccollapseblog.com\/archives\/evidence-that-the-u-s-economy-could-be-plunging-into-a-very-deep-recession-is-rapidly-mounting\/recession-2-public-domain#main\"><img decoding=\"async\" src=\"http:\/\/theeconomiccollapseblog.com\/wp-content\/uploads\/2019\/06\/Recession-2-Public-Domain-540x359.png\" alt=\"\" class=\"wp-image-15534\"\/><\/a><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Not since 2008 have we seen so much bad economic data come rolling in all at the same time.&nbsp; Even without a war with Iran, which by the way is looking increasingly likely with each passing day, it definitely appears that the U.S. economy is steamrolling toward recession territory.&nbsp; The employment numbers for last month&nbsp;<a href=\"http:\/\/theeconomiccollapseblog.com\/archives\/the-skid-is-everywhere-and-we-just-received-more-confirmation-that-the-worst-is-yet-to-come\">were abysmal<\/a>, global trade has collapsed to the lowest level that we have seen&nbsp;<a href=\"https:\/\/twitter.com\/TheBubbleBubble\/status\/1128693890914107394\" target=\"_blank\" rel=\"noreferrer noopener\">since the last recession<\/a>, and manufacturing numbers just keep getting worse and worse.&nbsp; In fact, the New York Fed\u2019s Empire State manufacturing index just suffered the worst one month decline&nbsp;<a href=\"https:\/\/www.marketwatch.com\/story\/empire-state-manufacturing-index-posts-largest-ever-drop-into-negative-territory-in-june-2019-06-17\" target=\"_blank\" rel=\"noreferrer noopener\">in history<\/a>\u2026<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>The New York Fed\u2019s Empire State business conditions index took a sharp turn for the worse in June, falling into negative territory for the first time in more than two years.<\/p><p>The Empire State manufacturing index plummeted 26.4 points to negative 8.6 in June, the New York Fed said Monday.&nbsp;<strong>That\u2019s a record decline<\/strong>. Economists had expected a reading of positive 10, according to a survey by Econoday.<\/p><\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Not even during the last recession did we witness a plunge of that magnitude.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And other measures of U.S. manufacturing activity are also&nbsp;<a href=\"https:\/\/www.cnn.com\/2019\/06\/17\/economy\/ny-manufacturing-index\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">\u201csinking steadily\u201d<\/a>\u2026<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>And it\u2019s not the only indicator showing a turn for the worse: Others, including the Federal Reserve Bank of Philadelphia\u2019s Manufacturing Business Outlook Survey, have also been sinking steadily.<\/p><\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">When you step back and look at the big picture, it becomes quite clear what is happening.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At this point, it is simply not possible for anyone to credibly claim that the U.S. economy is still in good shape.&nbsp; All of the numbers are pointing in the same direction, and Morgan Stanley\u2019s chief US equity strategist Michael Wilson made this point exceedingly well&nbsp;<a href=\"https:\/\/www.zerohedge.com\/news\/2019-06-17\/if-morgan-stanley-right-world-now-recession\" target=\"_blank\" rel=\"noreferrer noopener\">on Monday<\/a>\u2026<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Decelerations and disappointments are mounting<strong>:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Evidence That The U.S. Economy Could Be Plunging Into A Very Deep Recession Is Rapidly Mounting Not since 2008 have we seen so much bad economic data come rolling in all at the same time.&nbsp; Even without a war with Iran, which by the way is looking increasingly likely with each passing day, it definitely [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[4901,22210,22211,7452],"class_list":["post-46742","post","type-post","status-publish","format-standard","hentry","category-economics","tag-michael-snyder","tag-recession-2019","tag-recession-2020","tag-the-economic-collapse-blog"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46742","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46742"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46742\/revisions"}],"predecessor-version":[{"id":46743,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46742\/revisions\/46743"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}