(Michael Snyder) Exports fell precipitously during the last two recessions, and now it is happening again. So how in the world can anyone make the claim that the U.S. economy is in good shape? On my website I have been repeatedly pointing out the parallels between the last two major economic downturns and the current crisis, and I am going to discuss another one today. Since peaking in late 2014, U.S. exports have been steadily declining, and this is something that we never see outside of a major recession.
On the chart that I have shared below, the shaded gray bars represent the last two recessions, and you can see that exports of goods and services plunged dramatically in both instances. And this chart does not even show the latest numbers that we have. During the month of January, U.S. exports fell to a five and a half year low… The U.S. trade deficit widened more than expected in January as a strong dollar and weak global demand helped to push exports to a more than 5-1/2-year low, suggesting trade will continue to weigh on economic growth in the first quarter. READ MORE