SCARY MATH |
| by David Rosenberg - Gluskin Sheff |
1 in every 10 American homeowners missed a mortgage payment in Q1 (a record) 1 in 6 Americans are either unemployed or underemployed. 4 in 10 unemployed Americans have been out of work for at least 6 months. 1 in 4 Americans with a mortgage have negative equity in their homes. 1 in 10 Americans believe their income will rise in the next 6 months. 1 in 5 Americans see business conditions improving in the next 6 months. 1 in 50 Americans plan to buy a home in the next 6 months. 1 in 8 Americans believe that current government policy is actually helping the economy. 1 in 10 American small businesses have a job opening. 1 in 10 American’s credit card usage is being written off (a record). There are 5 unemployed workers competing for every job opening (hence downward pressure on wage growth). Outside of these, it’s all good. Lagged impact of gargantuan fiscal stimulus (the longevity of which is now being challenged with Greece the proverbial canary in the coal mine) and inventory-led production gains (the longevity of which is now being challenged by the fact that real final sales since the recession technically ended is running at a pace that is two-thirds weaker than what is “normal” coming out of a “downturn”). |
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