ECRI Guru Lakshman Achuthan Recession Call

==>Nov 30 ECRI Says Recession Began In July

-------- Original Message --------

Subject:	Guru Lakshman Achuthan: "it looks like the recession began around July 2012."
Date:	Fri, 30 Nov 2012 13:32:12 -0800
From:	Jas Jain

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Guru Lakshman Achuthan: "it looks like the recession began around July 2012."
Just in time, Team Obama came up with a stimulus to be included in the new budget and tax deal. But, guru ji, we have been in a depression since 2001.
Jas

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http://www.businesscycle.com/ecri-news-events/news-details/economic-cycle-research-us-recession-start

The Tell-Tale Chart

Following our September 2011 recession call, we clarified its likely timing in December 2011. Based on the historical lead times of ECRI's leading indexes, we concluded that, if it didn't start in the first quarter of 2012, it was very likely to begin by mid-year.

But we also made it clear at the time that you wouldn't know whether or not we were wrong until the end of 2012. And so it's interesting to note the rush to judgment by a number of analysts, already asserting that we were wrong.

So, with about a month to go before year-end, what do the hard data tell us about where we are in the business cycle? Reviewing the indicators used to officially decide U.S. recession dates, it looks like the recession began around July 2012. This is because, in retrospect, three of those four coincident indicators – the broad measures of production, income, employment and sales – saw their high points in July (vertical red line in chart), with only employment still rising.
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