Recession Fears Mount In AmericaOctober 3. 2019
Wall Street in New York
This is another follow up to the October 17,
2017 article "Tax Cuts For The Rich In America Is A Bad Idea At This Time"
where I warned it would damage the economy. Over the past
few weeks, financial analysts in America have been
expressing concern that a recession is hitting the U.S.
economy.
U.S. manufacturing has contracted for the first time
in 3-years, which has impacted the stock market. The trade war with
China, which I also advised against over a year ago, but was
rebooted by the government, is hitting the bottomline of American
businesses, as they are losing profits to increased, retaliatory
tariffs (President Donald Trump Calls Truce On Trade War With China).
Another gauge of economic trouble is the real estate
market. New York real estate sales prices have gone down by 17% this
year, indicating U.S. economic distress. New York is known for
setting sales records. Therefore, any decline indicates the economy
is regressing. This is what I was warning against in my 2017 article
(Tax Cuts For The Rich In America Is A Bad Idea At This Time).
Garrett Derderian, a managing director
and market analyst from the company CORE stated
recently, "Market prices have gone from what was once
described as the kindest, gentlest correction to a near
free fall,' Derderian added. 'The last time conditions
were described in such a way was in the height of the
recession."
STORY SOURCE
U.S. Manufacturing Gauge Contracts for First Time in Three
Years
September 3, 2019 - (Bloomberg) -- A key U.S.
factory gauge unexpectedly contracted for the first time since 2016,
sending stocks and bond yields lower and boosting expectations for
interest-rate cuts as global manufacturing woes deepen. The
Institute for Supply Management’s purchasing managers index fell to
49.1 in August, weaker than all forecasts in a Bloomberg survey of
economists, data released Tuesday showed. Figures below 50 indicate
the manufacturing economy is generally shrinking. The group’s gauge
of new orders dropped to a more than seven-year low, while the
production index hit the lowest since late 2015...
https://finance.yahoo.com
The median price for a Manhattan property sale was
$999,950 in the third quarter, according to data (above)
released by New York real estate brokerage CORE on
Tuesday
The third quarter median price of an
apartment sale in Manhattan was 17 percent lower from
the same period a year ago, as the chart prepared by
brokerage CORE above shows . The sales of condominium
units dropped 8 per cent to 946 transactions. Only
cooperative, or coop apartments saw a small increase of
2 percent from a year ago.
'The third quarter of 2019 was
undoubtedly the most challenging quarter in recent
memory, especially for condo sales,' Garrett Derderian,
managing director of market analysis at CORE, said in a
statement, reports Fox. 'Market prices have gone from
what was once described as the kindest, gentlest
correction to a near free fall,' Derderian added. 'The
last time conditions were described in such a way was in
the height of the recession.'...
https://www.dailymail.co.uk
RELATED ARTICLES
Economic Reports State America Is Headed For A Recession Prompting A
Response From President Trump
President Donald Trump Calls Truce On Trade War With China
Tax Cuts For The Rich In America Is A Bad Idea At This Time
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