the situation analyzed by the numbers
The numbers are no doubt the worst I've seen and there is plenty of "pain" we've yet to bear..
But when you look at the definition of a recession, you see 2 or more quarters of economic contraction or negative GDP. I'm not saying we won't see that. We'll certainly see 1 qtr of significant contraction. Maybe two. Beyond that? Remains to be seen, but energy consumption is picking up, significantly. Can retail numbers be far behind?
I guess my point is, it's way to soon to start calling this a depression. Will we hit one? Maybe, but I doubt it.
Side note: Author Michael Snyder has been writing about economic collapse since at least 2013. He'll be right, some day, as all perma-bears will be. Further, his chances of being right are better now than they have been. There is no doubt a lot of people will be feeling pain, some more than others. But how will things look in a year? I suspect much better than now.