US Could Already Be in Recession, Investment Adviser Warns
In an interview with the Epoch Times, adviser for SitkaPacific Capital Management Mike “Mish” Shedlock warned that the possibility of a recession may have already arrived, as indicators show that the U.S. economy is “flirting with recession right now.” The warning comes days after Federal Reserve meeting minutes revealed that central bank officials anticipate a recession later this year.
“If we’re not in recession, we’re certainly close,” Shedlock said.
One of the key indicators he’s watching is the housing market, which he argued has signaled a pending recession for quite some time.
In February, existing home sales in the United States fell by over 22 percent compared to the prior year. Sales bottomed at the start of the year at 4 million, a significant decline from the pandemic peak of 6.7 million. During the woes of the 2008 financial crisis, home sale volume troughed to 3.8 million….