David Rosenburg Reckons we are 44% through the "Adjustment Period"

By on April 30, 2009

In a recent issue of Barron’s, Merrill Lynch economist David Rosenberg was quoted as saying shrinking payrolls must slow before it’s possible to even begin talking about recovery. Until new jobless claims fall to 400,000, he says, “the recession will remain a reality. Rallies will be brief, no matter how violent, and green shoots are a forecast with a very wide error term attached to it.” Monthly job losses are currently around 700,000.



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