Whilst I acknowledge the “crookest” bank in the world has just made the biggest profit ever recorded by a bank, I am not sure that is reflective of everything
“The following are 12 signs that the economy is seriously slowing down as 2020 begins…
#1 The U.S. Manufacturing Purchasing Managers Index has been in contraction for 5 months in a row, and it is now at the lowest level we have seen since June 2009.
#2 Last month, manufacturing employment fell at the fastest pace we have seen since August 2009.
#3 Last month, new manufacturing orders fell at the fastest pace we have seen since April 2009.
#4 Chicago PMI has been contracting for 4 months in a row.
#5 European manufacturing PMI declined again in December.
#6 Borden Dairy, one of the largest dairy companies in the entire world, declared bankruptcy just a few days ago.
#7 Earlier this month, the Baltic Dry Index had its worst day in 6 years.
#8 Overall, the decline in the Baltic Dry Index this month is the largest that we have seen since 2008.
#9 The auto recession just continues to get even worse. Thanks to the substantial slowdown we witnessed during the second half of 2019, the total number of cars and trucks sold in the United States during all of 2019 was actually below the level that we witnessed back in 2000 when our population was significantly smaller.
#10 Used heavy duty truck prices have fallen “as much as 50%“.
#11 Macy’s just announced that they will be closing 28 stores.
#12 To start the year, AT&T is laying off thousands of workers, and according to Robert Reich those being laid off “will have to train their foreign replacements“.
