Oh dear, a neoliberal’s nightmare
The fact that New Zealand building starts are down over 4.6% month on month may not move you much, but it was an enormous drop given the month before they grew by 1.5%. This isn’t winter-related by the way: the lowest temperature so far has been 12 centigrade.
In Silicone Valley California, the new company failure rate is running at 90%.
Three days ago, Marketwatch reported that the “American middle class is drowning in debt, and this is nobbling the economy”. The best US CEOs could come up with last quarter during research was that “the recovery remains fragile”. (If you don’t count QE, of course, the US is in a slump).
MW’s view is supported by data showing a disappointing level of consumer spending in May.
Revised data show a calamitous drop of nearly 3% in US gdp during Q1 2014.
Business confidence in…
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