Top economist David Rosenberg warns of a ‘hard landing’ in the US economy in the second half of the year.

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HOLD ON TIGHT: Top economist David Rosenberg says the US economy is a ‘dead man walking’ – and warns of a ‘hard landing’ ahead.

“You look at the United States and it seems to me that we’re still making this transition from expansion to recession,” Rosenberg said.

“I know it sounds extremely controversial to talk about the US going into recession, just because the lagging and coincident indicators are telling you that we’re into something brand-spanking new about a no-landing or a soft landing. We’re heading into a hard-landing in the second half of the year,” he said.

That strengthened the case for a global recession, Rosenberg added.

Related: Costco CFO says customers switching from beef and steak to cheaper meats may indicate looming recession.

The old joke is that economists have predicted seven out of the last four recessions. But for what it’s worth, gas prices have been mostly holding steady or even dropping a bit just as we’re supposed to be entering peak summer demand.

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h/t Stephen Green