ECRI chief Lakshman Achuthan is on CNBC.Last year he called for an imminent recession. Since then the economy seems to have improved quite a bit.
He’s still not backing down.
Here are some key points he’s making:
- Mostly the financial markets are responding to Fed juicing.
- He admits the jobs picture has done a bit better.
- But jobs will get bad again, as the consumer flags.
- He says he always predicted the recession would come in the first half of 2012, so he still has time.
- The “full array” of leading indicators is not negating his recession forecast.
- GDP, industrial production, sales growth, etc… he says they’re all getting worse.
And that’s it.
He says things are still bad, the market doesn’t realise it because of Fed juicing, and we’ll be in a recession fairly soon.