Australia’s First Recession In Over 30 Years After Deepest GDP Contraction On Record, ADP Jobs Data

• Silver Report Uncut
  Australia has now fallen into its first recession in over 30 years it also had the deepest GDP contraction in recorded history. the interesting point about Australia is that the world has had several major financial crisis and essentially the whole world fell into a recession every time in Asia back in 97 there was the.com bubble followed by the Great Recession Australia’s economy was barely fazed by any of these world-changing economic events. well their ability to suspend the credit / business cycle it seems to be dissipating as the nation’s economy fell 6.3% on their GDP print and 7% sequentially for the past 3 months which is of course the largest drop on record.
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  Australia’s housing market might be in for some real trouble as well because it has been buoyed by Foreign interest and that interest is being suppressed from all angles in China they don’t want their citizens sending Capital out of the country Via Real Estate purchases in Australia and Canada they’ve become defensive defending their housing markets from foreign interventions. the truth is this money has probably done a great deal to support the housing markets in Toronto Melbourne and several major cities in the US like San Francisco.
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  Now that they’re removing that investment potential which many nations are doing right now seeing how they faced an enormous Financial collapse but in the name of safety many nations there compartmentalizing now and why not it was such a tremendous economic shock many nations will need to relearn how to handle life. so the impact to their housing market and housing prices could be significant. the ADP jobs data came out with a shocking disappointment expectations were that the US economy would add around 1 million jobs we do know over 1 million people filed for unemployment due out the past week alone but even worse the ADP jobs data saw somewhere around 400,000 jobs added. this is a huge mess it also shows any recovery that we’ve seen so far is tentative at best as we see it’s beginning to reverse and without a strong recovery in jobs we’re not going to have a real economic recovery of any shape.

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