MacroVoices #388 Lakshman Achuthan: Recession Still On Deck
Macro Voices
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The Slowdown in the Service Sector
The consumer is two thirds of the economy and it's definitely accounts for a lot of GDP growth. But when you look at this chart, you see that the pattern actually contradicts this completely. Consumers spending as a percentage of GDP always stores in the run up to recession. It typically stays in an uptrend until after the end of the recession. And now sticking with consumption, we take a quick look at Apple because it's in the news. The smartphone market has been in a decline for the last couple of quarters. This is a clear cyclical downturn.
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