There are signs the U.S. is in recession again

The financial analyst who predicted the collapse of oil prices says America is in an unacknowledged recession.

In early 2014, Bob Hoye, a Vancouver-based financial analyst, predicted that oil prices had nearly peaked and soon the price would fall up to 75%, reports Maclean’s. With oil trading under US$30 lately, his prediction has come true.

Now, Hoye says that the U.S. economy in recession, and he’s working to pinpoint exactly when it started. Some of the factors that have convinced him of a recession include falling industrial output, the recent stock market dives, and a slowdown in U.S. consumer demand, Maclean’s writes.

The U.S. National Bureau of Economic Research tends to declare recessions about a year after they’ve started, he notes, so it’ll be a while before there’s official confirmation of a shrinking American economy. But he’s not the only analyst or investor who thinks the U.S. economy is stuttering — billionaire investor George Soros thinks so too.

For more on what indicators Bob Hoye is monitoring, read here.

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