Skip to comments.Cassandra Economy: Personal Income Flat, Chicago PMI New Orders Lowest Since Great Recession
Posted on 11/30/2012 10:07:54 AM PST by whitedog57
I admit that I could have gone full Cassandra on CNBCs Rick Santelli yesterday about the economy. Never go full Cassandra on TV.
Todays economic numbers do have a hint of Cassandra about them. First, Personal Income in October rose 0.0%. This is unwelcome news going into Christmas/Holiday season and for the housing market. Compare the growth of Personal Income prior to The Great Recession (yellow box) with post Great Recession. Oogh!
Second, the Chicago Purchasing Managers Index New Orders fell to their lowest level since Q2 2009. Double oogh!
And yesterdays horrendous Q3 Personal Consumption print of +1.4% was enough to even have Cassandra believed.*
And real disposable income has been taking a beating since June 2012.
Finally, the Kansas City Fed print of -6.0, the worst print since May 2009, doesnt give one great optimism about the economy either.
And with the seeming stalemate of the negotiations over avoiding the fiscal cliff, Cassandra would likely be believed about the hanging by a wire state of the economy.
*Cassandra, in ancient Greek myth, was the daughter of King Priam of Troy. After Helen, she was considered the most beautiful woman on earth. Curly red hair, blue eyes, fair skin (sounds more like the actress Emma Stone than a Turk) Because of her beauty, the god Apollo fell in love with her and gave her the gift of prophecy. When she did not return his love, he cursed her, ensuring no one would ever believe her prophecies.
(Excerpt) Read more at confoundedinterest.wordpress.com ...
It is what the sheeple voted for.
Just mainline the Hopium, and it just won’t matter to you, anymore.
Can someone enlighten me... What is the difference between a “Great” Recession, and a “Minor” Depression?
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