Earlier this week, I did a blog entry looking at whether the US was in a recession. As I said at the time, it depends how you define it but the signs are not looking good and things are likely to get worse.
Now we have further confirmation of that with Department of Commerce figures, reported here, indicating that inflation is now at a 17 year high, rising 4.5 percent, the steepest since February 1991. And personal income has tumbled unexpectedly in July, slipping 0.7 percent in the month when analysts were expecting it to stay flat. And inflation-adjusted spending has fallen 0.4 percent, the sharpest slide in four years.
These figures are yet another sign that economy is doing a lot worse than the so-called experts believe. They don't know what's really going on!
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