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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