Benzinga – Consider economist David Rosenberg a member of the bearish camp when it comes to the economic outlook. Many of his recent comments and interviews paint a grim picture.
What Happened: Rosenberg wasn’t swayed by the strong non-farm payrolls report for May that showed robust job growth. “Investors don’t seem to realize that after accounting for the drop in hours worked, it’s as if the economy lost 140,000 jobs in May,” he tweeted on Friday.
The economist noted that the aggregate hours worked is negative for the period between January and May. “That’s a sure-fire recession signal,” he wrote.
Sharing the Foundation for International Business and Economic Research’s weekly leading index and recession probability, Rosenberg said the markets are pricing in a “soft landing.”
“Will they ever be in for a big surprise? The boy cried wolf, indeed, but the wolf did show up at the end of the story,” he tweeted.
Dead Man Walking: Sharing an interview with Wealthion, Rosenberg also tweeted on Thursday, “Don’t believe the hype! This economy is a dead man walking.”
In the interview, the economist said the economy is transitioning from an expansion to a recession.
“I know it sounds extremely controversial to talk about the US going into recession, just because the lagging and coincident indicators are telling you that we’re into something brand-spanking new about a no-landing or a soft landing. We’re heading into a hard-landing in the second half of the year,” he said.
He said he sees this as strengthening the case for a global recession.
Read Next: A Recession Is Coming In 2023
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