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The economy is flashing a recession warning that has only been wrong once in the last 120 years. The ECRI's Leading Economic Index has started to decline in the past year, top economist Lakshman Achuthan said. AdvertisementThe US economy is flashing a classic recession warning that has only shown a false positive once in the last century, according to top economist Lakshman Achuthan. AdvertisementHiring strength seems to lie in non-discretionary areas of the market — which typically occurs before a recession, Achuthan said, as consumers prioritize needs over wants. Job growth in education and health rose around 4% last year, though job growth in every other sector trended near 0%, ECRI data shows.
Persons: Lakshman Achuthan, , Achuthan, David Rosenberg Organizations: Service, Cycle Research, Rosenberg Research, Atlanta Fed
[1/5] Solar panels from SunPower are installed on residential buildings at a model home display in the Eureka Grove neighborhood of Granite Bay, California, U.S., October 5, 2021. But global solar panel prices have collapsed due to a wave of new Asian production capacity in recent months, leading many in the U.S. solar industry to worry many of these proposed factories may be uneconomical. U.S. officials have repeatedly warned that over-reliance on Chinese clean energy technology could pose a security risk similar to Europe's historical dependence on Russian natural gas. A White House spokesperson did not respond to questions about recent market challenges facing domestic solar manufacturers, but said Biden's policies had generated a huge wave of investment and were revitalizing American manufacturing. Mike Carr, executive director of the Solar Energy Manufacturers for America trade group, said factories could be delayed, extending U.S. dependence on China.
Persons: Nathan Frandino, Joe Biden’s, , Edurne Zoco, Wood Mackenzie, Mike Carr, ” Carr, Brian Lynch, Jekyll, Hyde, Lynch, Danny O'Brien, Meyer Burger, Hari Achuthan, Richard Valdmanis, David Gregorio Our Organizations: REUTERS, P, U.S . International Trade Commission, Companies, Reuters, Energy, Solar Energy Manufacturers, America, Insights, U.S . Commerce Department, Solar Energy Industries Association, Convalt Energy, Treasury Department, Commerce Department, Thomson Locations: Eureka Grove, Granite Bay , California, U.S, Europe, China, United States, Malaysia, Thailand, Cambodia, Vietnam, India, Mexico, Hanwha, Colorado, Asia, New York, Maine
A 'hard landing' for the US economy is still in the cards as leading indicators suggest it's not out of the woods yet, an ECRI forecaster says. The upturn in economic data earlier this year was 'a flash in the pan,' Lakshman Achuthan told CNBC. The downbeat economic outlook means stocks will continue to struggle, according to him. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. I think it's still tough going for stocks for the time being," he said.
Watch CNBC's full interview with Lakshman Achuthan
  + stars: | 2023-03-29 | by ( Melissa Lee | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Lakshman AchuthanLakshman Achuthan, Economic Cycle Research Institute, joins 'Fast Money' to discuss new chart dating indicating a possible hard landing.
This ominous trend spells a hard landing for economy
  + stars: | 2023-03-29 | by ( Stephanie Landsman | ) www.cnbc.com   time to read: +1 min
Investors may want to brace for a hard landing. A new chart from the Economic Cycle Research Institute shows a recession is imminent. "We're seeing lots of symptoms [of a significant downturn] when you have crises," the institute's co-founder Lakshman Achuthan told CNBC's " Fast Money " on Wednesday. Achuthan highlighted a special weekly leading index sent to clients. ECRI's weekly leading index, which is based on a combination of government economic data, soft surveys and market prices, shows a firming in the beginning of this year.
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