US economy teetering on recession amid declining retail sales, sluggish housing, job cuts.

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In the realm of economic indicators, recent trends in the US retail sector are sending warning signals. Real retail sales have declined by 1.6% year over year, a concerning downturn that historically precedes a recession. Moreover, the stagnation in retail sales is mirrored by a surge in unsold new-build inventory, indicative of weakening consumer demand.

As the housing market struggles to find buyers, manufacturers are also feeling the squeeze. The latest data from the Kansas City Federal Reserve reveals a contraction in manufacturing, marked by a sharp decline in new orders. This dismal performance underscores the sector’s ongoing struggle, with no expansion recorded since September 2022.

Adding to the economic gloom, reports of major layoffs from prominent companies like Wells Fargo and impending job cuts at Cisco paint a bleak picture of the job market’s health. With over 1,000 job losses expected at Wells Fargo and Cisco bracing for further layoffs in mid-April, the employment landscape appears increasingly precarious.

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