Tags: David | Rosenberg | Recovery | Equals | Great-Disappointment

Rosenberg: Recovery Has Been 'Great Disappointment'

By Dan Weil   |   Thursday, 23 Sep 2010 09:33 AM

If the period between December 2007 and June 2009 constitutes the “Great Recession,” the period since then can be labeled the “Great Disappointment,” says star economist David Rosenberg.

In a recent report obtained by Business Insider, Rosenberg, chief economist at Gluskin Sheff, rattles off several statistics to illustrate the recovery’s weakness.

• While GDP has recouped 69 percent of its loss since hitting a low in June 2009, employment has recouped only 9 percent of its losses since hitting a low in December 2009.

• Household net worth has recovered only 28 percent since its low in the first quarter of 2009.

• Wages and salaries have rebounded only 36 percent from their March 2009 lows.

• Housing starts have recouped only 7 percent of their losses since their April 2009 low.

• Home prices have recovered only 13 percent from their low in April 2009.

• Consumer sentiment has regained only 27 percent of its losses since hitting a low in November 2008.

• “New and existing home sales are at all-time lows. They have never recovered.”

All that adds up to the “Great Disappointment,” Rosenberg says.

While some believe these numbers point to a double-dip recession, Investment legend Warren Buffett isn’t one of them.

"I am a huge bull on this country,” he told CNBC. We are not going to have a double-dip recession at all."

© 2017 Newsmax Finance. All rights reserved.

1Like our page
2Share
StreetTalk
If the period between December 2007 and June 2009 constitutes the Great Recession, the period since then can be labeled the Great Disappointment, says star economist David Rosenberg. In a recent report obtained by Business Insider, Rosenberg, chief economist at Gluskin...
David,Rosenberg,Recovery,Equals,Great-Disappointment,
228
2010-33-23
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved