Wednesday, 12 June 2013

The recession that shall remain nameless...

There is a lot of press about Wayne Swan and cronies trying to shut down any talk of recession...

The deputy prime minister of Australia, Wayne Swan attacked Goldman Sachs Group Inc. (NYSE:GS) analyst for creating overly pessimistic view of the Australian economy. Goldman Sachs Group Inc. (NYSE:GS) economist Tim Toohey said in a research report (embedded below) yesterday that the resource-rich economy has a 20 percent chance of falling into a recession. Australia has posted uninterrupted economic growth for more than 21 years.(here).

Meanwhile even without the R-word the signs are there for all to see.  And when bankers start downsizing...

BOSSES of some of Australia's largest investment banks are overhauling their real estate operations, with most of the top groups having axed staff and at least one considering a move deeper into unlisted wholesale real estate funding....Almost all the big banks have let go of at least one senior investment banker from their real estate teams in the past 18 months, including UBS, JPMorgan, Goldman Sachs, Deutsche and Merrill Lynch (here).  

And over to the employment numbers:

Economists are revising up their unemployment rate forecasts for this year, ahead of the release of the May jobs figures tomorrow....Analysts expect the unemployment rate to tick up by 0.1 per cent to to 5.6 per cent in May, with 10,000 jobs removed from the economy...
‘‘[The economy’s] not growing fast enough in a fundamental sense to generate enough jobs to keep the unemployment rate level,’’ NAB chief economist Alan Oster said (here). 

No comments:

Post a Comment