Expect recession to be announced in US by next spring: Nick Parsons
“Even though the number of people in work are not declining and we have not yet got rising unemployment. What we have got is falling real incomes. So those people who are at work, are finding that their purchasing power is falling, their real incomes are declining and GDP numbers are measured in real terms not in nominal terms. Inflation through its impact on the real disposable income is having the same negative effect that a rising unemployment would. ”