Posted by David Rosenberg - Gluskin Sheff

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1 in every 10 American homeowners missed a mortgage payment in Q1 (a record) 

1 in 6 Americans are either unemployed or underemployed Over 4 in 10 unemployed Americans have been out of work for at least six months.

1 in 4 Americans with a mortgage have negative equity in their homes.

1 in 10 Americans believe their income will rise in the next six months.

1 in 5 Americans see business conditions improving in the next six months.

1 in 50 Americans plan to buy a home in the next six months.

1 in 8 Americans believe that current government policy is actually helping the economy.

1 in 10 American small businesses have a job opening.

1 in 10 American’s credit card usage is being written off (a record).

There are 5 unemployed workers competing for every job opening (hence
downward pressure on wage growth).

Outside of these, it’s all good.  Lagged impact of gargantuan fiscal stimulus (the longevity of which is now being challenged with Greece the proverbial canary in the coal mine) and inventory-led production gains (the longevity of which is now being challenged by the fact that real final sales since the recession technically ended is running at a pace that is two-thirds weaker than what is “normal” coming out of a “downturn”).

In today’s issue of Breakfast with Dave

Full Report HERE – Summary HERE

• While you were sleeping: European bourses are in the red, and so are Asian equity markets; bonds are on an even keel

• Credit crunch in Europe: The NYT runs with a story on how credit growth is drying up in the Euro area just as it started to in the United States two years ago

• Walmart and the consumer: CFO Thomas Schoewe on the tapes saying “more than ever our customers are living paycheck to paycheck.”

• Investor sentiment still positive … and that’s a negative!

• Shiller P/E ratio pointing to a big correction in the U.S. equity market

• Deflation is evident in the labour market … just ask any graduate

• The U.S. Federal Reserve not even thinking about raising rates until 2012

• More troubling housing data out of the U.S.: mortgage delinquencies continue to rise