May 14, 2012
COMMENTARY – by Michael J. Hicks, Ph.D.
A European and American Recession
As disparate facts, the conditions in Europe and the U.S. are disconcerting.
Europe has now moved into a recession, with even Germany facing a growth rate that hovers near zero. In Spain, the unemployment rate stands at 24.4 percent, almost exactly what the U.S. experienced in the summer of 1933 at the depth of the Great Depression. France faces a recession, as does Italy, the Balkans and Scandinavia. Greece and Portugal are in worse shape, but the quality of their national statistics masks the disaster. It is not a continent-wide catastrophe, but the European Central Bank forecast of a modest recession this year has come true. Democracy and peace remain novel adventures in many parts of that troubled continent, and I will be adding both happy conditions to my prayer requests for Europe this week.
Read the full commentary.
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DID YOU KNOW? – by Dagney Faulk, Ph.D.
May Forecast Update
If you have been looking over your shoulder waiting for the next economic shock, Europe may be it. The Center for Business and Economic Research recently released an updated forecast predicting at least one quarter of negative GDP growth in the U.S. next year. This suggests that another recession is likely, primarily due to the continuing European economic crisis and the close links between Europe and the U.S.
For the detailed analysis: Forecast Update: May 10, 2012
ECONOMIC INDICATORS – View all economic indicators.
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This Week's Data Releases
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U.S. Retail Sales, April 2012
U.S. Industrial Production Indexes, April 2012
U.S. Housing Starts, April 2012
U.S. Index of Leading Economic Indicators, April 2012
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