Via SchiffGold.com,

It's getting harder and harder for recession deniers to justify their optimism. And some people seem to be waking up to that reality.

Late last week, we got more economic data and corporate earning news that proves the economic optimism that's been bandied about for months is unfounded.

Weekly first-time jobless claims rose for the third consecutive week, hitting 251,000. This was higher than projected and it's the highest level of jobless claims since last October.

The Philadelphia Fed Manufacturing Index for July also came out. The consensus was for 0.4, up from June's -3.3 print. Instead, the number came in at -12.3. That was 50% below the low end of the consensus. Meanwhile, the employment index declined 9 points to 19.4. That was its lowest reading since May 2021.