An Economy Setting Up For Deep Recession — Don’s Daily Brief

by | Nov 23, 2022

A lot of economic data out today:

On the positive side:
Housing sales look like they’ve jumped pretty significantly — a pretty volatile number.

Durable goods orders are hanging in there. Looks like corporations are making investments.

On the negative side:
The job market continues to show weakness.

Manufacturing and services surveys showing significant contraction in the economy.

Which way will it go? … My bet is on the down side.

The yield curve is inverted to the point of 71 basis points — a level it hasn’t been at since 1981.

I think we’re really setting up for the deep part of the recession.

We’ve just had some hints so far this year — but now we’re getting more data telling us that we’ll be deep in recession territory next year.

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