Alexander Giryavets at Dynamika Capital for pointing us to something which
is far more troubling than even the Atlanta Fed's collapse in Q1 GDP
tracking: namely the latest Credit Managers Index for the month of March
which "deteriorated significantly over the last two months and
current readings stand at the recessionary levels not seen since 2008."
"We now know that the readings of last month were not a fluke or some temporary aberration that could be marked off as something related to the weather. There is quite obviously some serious financial stress manifesting in the data and this does not bode well for the growth of the economy going forward. These readings are as low as they have been since the recession started and to see everything start to get back on track would take a substantial reversal at this stage. The data from the CMI is not the only place where this distress is showing up, but thus far, it may be the most profound." Alexander Giryavets, Dynamika Capital