You Say Recession????
General Electric Q2 revenue down 17% to $39.1 bln
Mattel Q2 sales down 19% to $898 million
Intel and Dell down approximately 20%...many techs reporting material sales declines
Transporation Companies down 20% and more
Auto Sales down 50%
New Home Sales down approaching 80%
Media Sales Down double digits(including Google in this catagory)
Retail Sales down double digits with thousands of retailers shutting down
Airline Revenues down over 20%
Hotel Revenues down over 20%
U6 unemployment over 16% which better reflects sales declines
A Depression is only a 10% decline in GDP..........
With consumer credit contracting and company after company, industry after industry reporting strong double digit sales declines over the past few years....how can economists still be calling this a Recession?