Rosenberg: Here Are 13 Signs That We're Actually In A Depression Right Now

great depression

David Rosenberg has outlined, in his latest letter, the 13 reasons with this so-called recovery is actually a depression.

Rosenberg sums it up like this:

This is what a depression is all about — an economy that 33 months after a recession begins, with zero policy rates, a stuffed central bank sheet, and a 10% deficit-to-GDP ratio, is still in need of government help for its sustenance.

Each one of these 13 reasons is more damning and highlights the true state of the economy: caught in a liquidity trap with little way out.

Wages and salaries still down 3.7% from prior peak

Real GDP is still down 1.3% from the peak

Industrial production is still down 7.2% from the peak

Industrial production data, from the Federal Reserve.

Employment is still down 5.5% from the peak

Civilian Employment St. Louis Fed

Retail sales are still down 4.5% from the peak

Retail sales, from the St. Louis Fed.

Manufacturing orders are still down 22.1% from the peak

Manufacturing orders, from the St. Louis Fed.

Manufacturing shipments are still down 12.5% from the peak

Manufacturing shipments, from AccuVal.

Exports are still down 9.2% from the peak

U.S. exports, from Trading Economics.

Housing starts are still down 63.5% from the peak

Housing starts, from the St. Louis Fed.

New home sales are still down 68.9% from the peak

New home sales, from the St. Louis Fed.

Existing home sales are still down 41.2% from the peak

Existing home sales, from Realtor.

Non-residential construction is still down 35.7% from the peak

Non-residential construction, from biz570.

Corporate profits are still down 20% from the peak

Note: From the St. Louis Fed charts, we can't see the conclusion Rosenberg is coming to, as profits appear to have now drawn level.

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