Rosenberg: Still Not Convinced? Here's 13 MORE Signs The Recovery Has Hit The Skids

rosenberg

Gluskin Sheff economist Dave Rosenberg keeps finding more evidence for a double dip. July economic data has been soft — and “this all follows a very bad May and June… so what we have is a downtrend in the making, not a blip.”

A double dip? Odds are “clearly not zero.” That’s quite an understatment.

Bank credit contracted at a 7% annual rate

ABC consumer confidence slipped to a four-week low of -44 from -42

Mortgage applications for new home purchase fell 3.1%, the fourth straight decline, to a new 14-year low

Railway carloadings in the U.S. (including intermodal) collapsed 13.9% to their lowest level since January 9th

Raw steel production slipped 1.7% and is down three weeks in a row to a three-month low

Motor vehicle production sagged 14.8% YoY in the steepest downtrend since November 21, 2009

Coal production fell 4.8% and is down to for three of the past four weeks – lowest level since January 9, 2009

Household employment fell 301,000 after a 35,000 decline in May

Manufacturing output fell 0.4% in June for the sharpest decline since May 2009

The non-manufacturing index fell to 53.8 from 55.4, a four-month low

The NFIB small business sentiment index sagged from 92.2 to 89.0

The Conference Board's measure of consumer confidence collapsed from 62.7 to 52.9

Retail sales fell 0.5%, the second decline in a row

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