“What we’re seeing is this slide towards recession happening across the economy,” Breitbart Economics Editor John Carney said in an interview Wednesday on Larry Kudlow’s eponymously named Fox Business show.
Carney explained that the latest economic data—from the crashing Empire State manufacturing survey to the disappointing holiday retail sales numbers to the weaker-than-expected producer price index—all point in the direction of a recession sooner rather than later.
The first “hint” of what lies ahead came from Monday’s manufacturing survey from the New York Fed, Carney said. “That thing fell off a cliff. It was much worse than anyone thought. It went from a negative [11.2] to a negative [32.9]. So, this thing was a wreck. It’s telling us that the industrial production numbers we’re looking at for December are probably getting worse in January right…
