Legendary economist David Rosenberg says the latest US jobs report failed a crucial test — and warns recession is 'right around the corner'
need to be rising because their gains suggest that two critical parts of the economy are flourishing.
Rosenberg is extending that idea by arguing that job losses in those sectors mean the economy is getting worse. The , and in a recent Business Insider interview, Rosenberg added that a number of parts of the US economy, such as construction, capital spending and housing, are faring just as badly.Morgan Stanley says WeWork's failed IPO marks the end of an era for unprofitable unicorns — and explains why it leaves the market's tech kingpins vulnerable
While the economy and market have held up in the past few years in spite of Rosenberg's forecasts, his track record is worth noting: He was one of the first experts to warn about the downturn that came to pass as the Great Recession. In Rosenberg's telling, the only thing that's kept the economy and the market going is continued spending by consumers — the largest part of the US economy. But if hiring and wages are starting to slow down and demand for manufacturing and shipping of goods are fading, that's a sign that strength might not last much longer.
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