Recession depth will be much worse than 2007-2009, economic forecaster Lakshman Achuthan warns (via TradingNation)
Economic forecaster Lakshman Achuthan warns the coronavirus pandemic is hitting the U.S. economy harder than the financial crisis." on Wednesday. "This recession is extraordinarily deep. Already, you've got 22 million people filing for jobless claims compared to 8.7 million jobs lost during the Great Recession."
Achuthan, who's co-founder of the Economic Cycle Research Institute, builds his case in a special diagram measuring recession severity. It includes his three D's: Depth, diffusion and duration. "The diffusion of weakness across the economy... spreads like wildfire," he added. "This recession is certainly very severe. It's affecting pretty much all industries."
Achuthan turned negative within the last month. He initially hesitated to join the recession camp because the pattern in"I really need to see these difficult to speculate in commodity prices really start to plunge. They just haven't done that," he told "Trading Nation" on March 13 as the country began coronavirus shutdowns."Pretty much right after we did that interview, they collapsed," said Achuthan.
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