An article yesterday presented six charts attributed to David Rosenberg (Gluskin Sheff, Toronto) that are said to show:
real and nominal (2 separate charts) GDP per capita 12 quarters after the end of each of six pre-2009 U.S. recessions dating back to Q1 1961. Each chart shows that the recovery from the latest technical recession has been significantly less than the average recovery, and somewhat less than the recovery from the worst recovery number of the previous six recessions. Interestingly, the worst recoveries of the seven (including the current recovery) were the last three.
the short-term (latest 31 months to July 2012) and long-term (from 1959) U.S. housing starts (2 separate charts). These charts clearly show how low U.S. housing starts currently are when measured against historic U.S. housing starts. On average, they look to me to be currently running at a rate about 50% of the average annual number of housing starts for the 48-year period ended 2007 (800 thousand per year currently versus about 1.6 million per year on average during said 48 year period).
