Tuesday, March 17, 2020

Kansas City Confronts Recession

Cowtown money line that deserves consideration . . .

KC Mathews, chief investment officer of UMB Bank, revised his economic forecast for the year, anticipating a technical recession — two quarters of negative growth. Mathews expects 0.8% GDP growth in the first quarter, -2.4% in the second quarter, -0.4% in the third quarter and 1.8% growth in the fourth quarter.

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Coronavirus has KC-area economists talking about a recession - Kansas City Business Journal

Consumers hunkering down to shelter from the coronavirus spread have economists who were fairly optimistic two months ago starting to use the "R" word - recession. Panic selling caused the S&P 500 to plummet 26.7% in the past 22 days and is being combined with a simultaneous crisis in the oil and gas markets as supply starts far outstripping demand.

5 comments:

Anonymous said...

My financial advisor has been telling me for weeks "it's a great time to buy stocks."

Hey, wasn't that a warning signal on February 21?

"No, don't worry about it. Markets will fluctuate. Let's load you up with some airline/travel/leisure stocks, people will always be taking trips."

Anonymous said...

MAGA!! How's that economy doing for ya!

Anonymous said...

Tax revenue in KCMO way way down.
And yet all the debt that the Slyster dumped on the city's taxpayers still has to be paid from the general fund.
Any refunds from consultants, local "artists", 18th and Vine grifters, hotel "developers, or anyone else whose snout graced the public trough not so long ago?
Didn't think so.
Pony up KCMO taxpayers.
Oh, and be sure to approve the next sales tax increase coming your way next month.
Priorities upside-down as usual.

Anonymous said...

And Quinton Lucas is still offering payouts to the disadvantaged of the world. Do you job and fix the roads.

Donald J Trump said...

"The Coronavirus is very much under control in the USA. We are in contact with everyone and all relevant countries. CDC & World Health have been working hard and very smart. Stock Market starting to look very good to me!" 3:42 PM · Feb 24, 2020. Dow 27,960.80

Dow today 21,237.38, down 24%