The Bad News


Barry Riholtz invites David Rosenberg to deliver the bad news at The Big Picture. Headline: It’s A Depression.

Finally, you know it’s a depression when, 33 months after the onset of recession…

• Wages & Salaries are still down 3.7% from the prior peak

• Corporate profits are still down 20% from the 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

via IT’S A DEPRESSION | The Big Picture.