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4h–Economist David Rosenberg
Richmond Fed Manufacturing survey order backlog index collapses to its lowest level since April 2009 and has contracted now for eight months in a row for the first time in five years. Still think this is just going to be one single “insurance” Fed rate cut?
The Chicago Fed NAI figure shows the US economy growing about a half-point below potential. This spells rising unemployment rates and declining CAPU rates ahead. If the growth shortfall continues, the output gap closes by year-end and deflation pressures will intensify.