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All the recession warning signs this week - CNN

All the recession warning signs this week - CNN

All the recession warning signs this week - CNN
Jun 26, 2022 1 min, 23 secs

Here's what CNN Business reported last week:

Copper prices

Prices for the metal hit 16-month lows on Thursday after dropping more than 11% in two weeks -- that's bad news for investors who view copper prices as a bellwether for the global economy.

Copper is widely used in construction materials, and it faces increased demand in an expanding economy.

And now, copper prices are falling.

"Copper prices are just starting to account for the fact that global growth is slowing," Daniel Ghali, director of commodity strategy at TD Securities, told CNN Business' Julia Horowitz.

Purchasing Managers' Index

The index released by S&P Global on Thursday found that US private sector output slowed "sharply" in June.

Chris Williamson, chief business economist at S&P Global Market Intelligence, said producers of non-essential goods are seeing a drop in orders as consumers struggle with rising prices.

The Fed's aggressive interest rate hikes are dampening the mood further.

"Business confidence is now at a level which would typically herald an economic downturn, adding to the risk of recession," Williamson told CNN Business' Julia Horowitz.

Consumer sentiment

A closely followed University of Michigan survey released Friday found that US consumer sentiment hit a new record low in June -— the lowest recorded level since the university started collecting the data 70 years ago.

The percentage of consumers who blamed inflation for eroding their living standards, 47% according to the June index, is only one percentage point lower than the all-time high reached during the Great Recession.

He put the odds of a recession this year at 99% because "nothing is 100%."

Housing slump

Better news: A cool-down of the housing market may not hurt the economy and stock market.


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