News of significant recessionary drops in the US became as relentless this past week as the ping, ping, pang of drips from a leaking ceiling hitting pans in the New York Stock Exchange. I’ve been saying you would hear the sounds of recession everywhere as soon as the second-quarter earnings reporting season began this summer. Here we are, and here’s a list of the week’s downbeat economic news that quickly terminated the S&P 500’s rally … right where I said it would end … slightly above its previous summit.
The Cass Freight Index remained negative for the seventh month in a row.
Shipping reflects the whole manufacturing economy, and it has been sinking into the South China Sea like this all year:
Read the rest here: The Great Recession