David Rosenberg
Veteran economist David Rosenberg. 
Screenshot via Bloomberg TV
  • A recession has arrived in the US but it’s gone unnoticed, according to top economist David Rosenberg.
  • Rosenberg highlighted data showing back-to-back declines in US Gross Domestic Income to support his argument.
  • In an earlier tweet, he said the S&P 500 is already flashing signs of a recession as key stocks have tumbled.

A US recession has already set in but “nobody’s noticed,” according to top economist David Rosenberg.

The Rosenberg Research founder and president pointed to Thursday’s Gross Domestic Income data – a key measure of economic activity – which showed a 2.3% first-quarter decline on a seasonally adjusted annual basis, after contracting 3.3% in the fourth-quarter of 2022, as evidence of a recession.

“Averaging it out with GDP, the economy has contracted for back-to-back quarters and in 4 of the past 5! The recession has arrived and nobody’s noticed,” Rosenberg said in a Thursday tweet.

The veteran economist has consistently made pessimistic calls about the US economy this year. In an earlier tweet, Rosenberg said the benchmark S&P 500 index is signalling a recession as key stocks closely tied to the real economy have plunged.

“The question always comes – why isn’t the S&P 500 signalling a recession? Answer: it is,” he said.

Recession fears have been plaguing investors for months now, after the Federal Reserve raised interest rates from near-zero levels to more than 5% over the past 14 months in a bid to cool inflation. That, combined with a turmoil in the banking sector and a subsequent credit squeeze, has fueled concerns the US will tip into recession.

In late March, Rosenberg warned that a recession has already hit US corporate profits– and that’s bad news for the stock market too.

By TheInterviewsNigeria

Publisher/Editor -in Chief with more than a decade of working in the media production industry, Our preoccupation is Development News and rooting for innovation locally and internationally. We are British trained Business English PRO. We edit manuscripts for book publication, translation(English/Yoruba/French). We cross your 't's' and dot your 'i's. We are also into speech draftsmanship and photography; Business reports, and proposals, with minimal cost. Meeting the deadline is our watchword. We would cover your Social /Public events with precision. The proof of the pudding is in the eating. Call-08144956897, 08057355037 E-mail- theinterviewsng@gmail.com, akintunde.idowu@gmail.com

Leave a Reply

Your email address will not be published. Required fields are marked *