WITH RESPECT TO THE US’ GDP GROWTH, THE NATIONAL BUREAU OF ECONOMIC RESEARCH SEES A SIGNIFICANT DECLINE IN ECONOMIC ACTITIVY SPREAD ACROSS THE ECONOMY, WHICH WILL LAST MORE THAN A FEW MONTHS – WSJ
- According to Robert Hall, economist at Stanford University, US economic data that has been reported provide very strong confirmation of a recession like shortfall in employment and flatness in real output.
- Members of the NBER say they are not sure whether they will classify the current economy as in a recession.
- Harvard’s Martin Feldstein said that the US has been sliding into recession since Jan, when many monthly stats peaked and that a GDP decline is not necessary if there is other evidence that the economy is contracting.
- Merrill Lynch economist David Rosenberg, believes that the US economy went into recession in Jan.
- Economists at Morgan Stanley, see a US recession which will start in Q4

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MOODYS: WESTERN EUROPEAN CREDIT QUALITY DECLINES RAPIDLY IN Q2 2008

 

I will have more ‘thoughts’ later this evening…