Now We Know - Tire Review Magazine

Now We Know

To borrow from Gerald Ford – the man who gave us “Whip Inflation Now” – our long national nightmare is over.

The U.S. has finally decided that we are in a fill scale recession, joining Japan and the EU, both of which reached the same conclusion last week.

The revelation came after October retail sales that plummeted, fell, dropped (pick an adjective) 2.8%, the greatest one-month freefall recorded. Analysts see a White Christmas of sort – a total whitewash.

This morning, banking giant Citigroup announced that it would cut 50,000 jobs globally – great news for the U.S. and Canada, which expect to see jobless rates reach 7.5% and 7%, respectively, in 2009.

Experts (where were they before all of this started?) now think the U.S. economy will contract at a faster rate in the 4Q than previously thought, a fall of 2.6%. And the 1Q period of 2009 may see a further drop of 1.3%, they think. Stay tuned…experts change their minds constantly.

Want an example of just how dodgy things are? In October, economists said 2008 GDP would come in at +1.2% and that 2009 GDP. Today, they are calling for 2008 GDP of +0.2%.

If you have comments to share, send to me at [email protected].

– Jim Smith

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