The world economy is constantly reeling, and at the moment, a number of analysts predict its challenging times. According to Michael Snyder, an expert on financial markets, the same situation is characteristic for the American economy. In his article, he predicts the beginning of the recession in the US economy. The analyst is confident that the new crisis may have more serious consequences than in 2008. The author draws attention to a number of signs that indicate significant problems in the American economy.
According to the expert, the global decline in oil prices demonstrates an oversupply in the oil market. As a result, this may lead to demand contraction during the slowdown in economic development.
M. Snyder considers a significant drop in the payment capacity of Americans to be another sign of the impending recession: only 13% of them are planning to buy a new house in 2019. This is 50% less than the previous year.
During 2017, the number of unsold homes and apartments in the US real estate market increased by 86% and 188%, respectively. The most significant decline in sales has been recorded in the real estate market of California.
According to Bank of America, leaders of the management companies are pessimistic about the further development of financial markets. M. Snyder estimates that there has been no such morale since November 2008. The survey results show that 44% of respondents expect the global economy to slow down in 2019, and 54% of them forecast a decline in economic activity of China.
Retailing in the United States is also going through hard times. The analyst notes that owners of many shopping centers inform their creditors about possible losses in advance. He also draws attention to the debt growth of mortgage payments.
The expert on financial markets is sure that according to the results of the year, the US foreign trade deficit will reach a new record, despite the trade war with China.
According to the American study, the current wage rate is not enough for 62% of citizens to maintain a reasonable standard of living for the middle class. At the same time, the number of homeless persons is increasing in the USA, and by now it has reached half a million people.
Most Americans do not have financial savings in case of a sudden crisis. Nevertheless, about 58% of citizens have been able to form their own “safety cushion”, but it does not exceed an average of $1,000.
More than 50% of American children live in families that can be classified as needy. The analyst points out that they receive financial support from the state.
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