Tyler Durden: The evidence continues to mount.
“Most since Lehman” has become the new meme for macro-economic data in the US as day after day brings another lacklustre superlative to be dismissed with some excuse by the cognoscenti of sell-side economists.
Of course, that is aside from anything related to aggregate jobs that is spewed by the government’s official ministries of truth.
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So here are seven charts that scream “recession” is here.
Retail Sales are weak – extremely weak. Retail Sales have not dropped this much YoY outside of a recession.
And if Retail Sales are weak, then Wholesalers are seeing sales plunge at a pace not seen outside of recession.
Which means Factory Orders are collapsing at a pace only seen in recession.
And Durable Goods New Orders are negative YoY once again – strongly indicative of a recessionary environment.
Which is not going to improve anytime soon since inventories have not been this high relative to sales outside of a recession.
In fact, the last time durable goods orders fell this much, The Fed launched QE3 – indicating clearly why they desperately want to raise rates imminently in order to have some non-ZIRP/NIRP ammo when the next recession hits.