BLUF: The economy is worsening faster than predicted as signs point towards a housing market crash, an epic commercial real estate crisis, and growing joblessness and bankruptcy, with the US and Europe facing recession and complaints about the increasing cost of living.
The AI analysis of Michael Snyder’s article in The Economic Collapse Blog reveals a real-time warning about the current state of the US economy, as economic conditions are deteriorating faster than predicted, with the housing bubble imploding, existing home sales across the country plunging, foreclosures surging, manufacturing numbers slipping, jobless claims climbing, and the cost of living rising correspondingly. Eight million Americans are now behind on their rent, and two massive defaults in San Francisco have begun the largest commercial real estate crisis in US history, with 30 more properties facing unsustainable loans. Meanwhile, corporate bankruptcies have hit the fastest pace since 2010, with job cuts soaring 315% compared to last year. Finally, both the US and Europe are seeing their manufacturing sectors contract, while the EU is forecast to be entering a recession this year.