U.S. High Yield Credit Spreads and Recessions

U.S. High Yield Credit Spreads and Recessions U.S. high-yield credit spreads in April 2025 show little sign of recession fears, remaining well below levels observed during previous downturns. Image: Deutsche Bank

Maximum S&P 500 Drawdowns and Recessions

Maximum S&P 500 Drawdowns and Recessions If the U.S. economy enters a recession due to Trump’s tariffs, the stock market could decline further. The market appears not to have fully priced in the risk of a recession. Image: Yahoo Finance

U.S. Real Retail Sales and Recession

U.S. Real Retail Sales and Recession In March, U.S. real retail sales stand at 2.15% YoY. About 70% of U.S. GDP is personal consumption. In the past, real retail sales trended sideways before the recession began.

Estimated U.S. Recession Probability

Estimated U.S. Recession Probability Goldman Sachs revised its 12-month US recession forecast to 45%, down from 65%, citing reduced risks after the tariff pause. Image: Goldman Sachs Global Investment Research

Probability of U.S. Recession

Probability of U.S. Recession The rise in the one-year recession probability based on the S&P 500 and BBB spread is seen as a negative sign, highlighting economic risks that could affect market sentiment and change investment strategies. Image: J.P. Morgan

Temporary Help Services Jobs vs. Real GDP and U.S. Recessions

Temporary Help Services Jobs vs. Real GDP and U.S. Recessions Temporary Help Services Jobs stand at -5.55% YoY in March. The relationship between Temporary Help Services jobs and the macroeconomy is complex. Declines in Temporary Help Services Jobs are often considered a leading indicator of a potential recession (red line at -3.5%), but they do…

NBER Recession Dating vs. Market Realization

NBER Recession Dating vs. Market Realization Historically, the S&P 500 peaks and declines 6–16 months before the National Bureau of Economic Research (NBER) officially declares a U.S. recession, making it a reliable leading indicator. Image: Real Investment Advice

S&P 500 Index Declines Around Recessions

S&P 500 Index Declines Around Recessions Historically, the S&P 500 has fallen by a median 24% from peak-to-trough around economic recessions. Image: Goldman Sachs Global Investment Research

Smoothed U.S. Recession Probabilities

Smoothed U.S. Recession Probabilities The probability of U.S. recession stands at 0.38%. When this recession indicator exceeds 5% (red line), history suggests that the probability of recession increases significantly. The chart shows the smoothed U.S. recession probabilities indicator on a log scale. Smoothed U.S. recession probabilities are obtained from a dynamic-factor markov-switching model applied to…