HOLD ON TIGHT: Top economist David Rosenberg says the US economy is a ‘dead man walking’ – and warns of a ‘hard landing’ ahead.
“You look at the United States and it seems to me that we’re still making this transition from expansion to recession,” Rosenberg said.
“I know it sounds extremely controversial to talk about the US going into recession, just because the lagging and coincident indicators are telling you that we’re into something brand-spanking new about a no-landing or a soft landing. We’re heading into a hard-landing in the second half of the year,” he said.
That strengthened the case for a global recession, Rosenberg added.
The old joke is that economists have predicted seven out of the last four recessions. But for what it’s worth, gas prices have been mostly holding steady or even dropping a bit just as we’re supposed to be entering peak summer demand.