Posted 3/19/2024, 1:37:00 PM
Economist Sees High Odds of Recession in 2023 Due to Falling Retail Sales, Production, and Lack of Full-Time Job Growth
- Economist David Rosenberg believes a recession is 4 times more likely than economic expansion this year
- He points to declining retail sales and industrial production as signals of impending recession
- Job market data shows companies not firing people but also a rising backlog of unemployed unable to find work
- All net jobs created in past year have been part-time, potentially skewing unemployment data
- Rosenberg questions how labor market can be called robust when no net new full-time jobs created in 12 months