A Deep Recession Has Already Started

Economic Overview - A deep recession has already started, with significant indicators pointing towards economic decline [1][2] - The National Bureau of Economic Research (NBER) defines a recession as two consecutive quarters of GDP decline, and current economic conditions suggest this definition may soon be met [2] Employment and Unemployment - February saw job losses of 92,000, with unemployment rising to 4.4%, indicating a troubling labor market [3] - The rising unemployment rate is expected to exert further pressure on consumer spending and economic growth [6] Inflation and Cost of Living - Inflation is on the rise, with gas prices projected to reach $4 per gallon within two weeks, up from $3.80 [3] - The increase in oil prices is expected to contribute to rising costs of everyday items, further eroding discretionary income for consumers [5] Housing Market - Home prices have remained flat to down over the last two years, with slow home sales attributed to high mortgage rates [7] - The stagnation in home equity is particularly impactful for older Americans, limiting their financial flexibility [7] Stock Market Dynamics - The stock market has experienced a downturn, with the leading stocks, referred to as the "Mag 7," already stumbling [6] - The overall market performance has been slightly down this year, contrasting with the previous years' gains [6]