Intel Confirms Depression After Dell Confirms Depression After CSX Confirms Depression
Remember, a Depression is Defined as a 10% drop in GDP peak to trough.
INTC just reported with revenues DOWN around 20% and an outlook for a double digit decline for next quarter.....Dell also reported revenues DOWN a greater percentage
For both of these companies, sales for America was worse than Asia......consequently it would be reasonable to extrapolate a GREATER percentage sales decline for the U.S. than company as a whole.
Many other tech companies who have recently reported also revealed similar and greater percentage sales declines.
Based on INTC and DELL's #s, it is clear that tech in now in a Depression.
CSX is a major rail company. It too reported similar sales declines. Trucking companies will likely also report large sales declines. Trucking and Rail move over 90% of the goods moved in America.
It is clear that transportation is in a Depression and is a good barometer for commerce in general.
Add in the above to New Home Sales declines of 80% and Auto Sales Declines of approaching 50%... we have two other MAJOR industries are confirming Depression.
The insane part is "economists" are saying the RECESSION is ending???? Where are they getting their data when more and more stories like the following are coming out everyday:
July 14, 2009
In another sign that the housing market has yet to hit bottom, window manufacturer Andersen Corp. said Tuesday it will permanently eliminate 250 management and staff positions, more than half of them at its Bayport, Minn., headquarters.
In addition to the job cuts announced Tuesday, Andersen eliminated 287 jobs last week as part of the closing of a vinyl window manufacturing plant in Fall River, Mass., said Maureen McDonough, a spokeswoman.
Tuesday's workforce reduction represents about 10 percent of the company's management and office staff. Those cuts come at a time when 600 production workers who were laid off earlier this year have been recalled as orders have improved slightly.
The management and staff cuts are being made because the company believes its markets won't recover until late 2010 or early 2011, making it necessary to eliminate jobs that aren't directly related to the current volume of window production, McDonough said.
"While we had every hope and intention of riding out this market correction without making adjustments like this, it has become clear that these actions are necessary to protect the company's financial strength and flexibility given the fading prospects for a near-term housing market recovery," Jay Lund, president of the Andersen Window and Door Group, said in a statement.