The economy is in an industrial recession and higher oil prices could spark a full downturn, Wall Street economist says [Business Insider]
Piper Sandler Companies (PIPR)
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Source: Business Insider
A spike in oil prices could be enough to tip the economy into a full recession, Oubina added. The US economy is already experiencing an industrial recession — and it could snowball into a full-fledged downturn if oil prices continue to surge, according to Piper Sandler economist Jake Oubina. Oubina, a managing director and senior economist at the investment bank, pointed to the continued slowdown in the manufacturing sector, with activity contracting in September for a sixth straight month. It also marks the 22nd monthly contraction over the last 23 months, according to the latest report from the Institute of Supply Management The slowdown is likely to drag on, Oubina predicted. "The only things that are up are things that are financed by chips, [the Inflation Reduction Act], all the high-tech stuff, fueling data centers, semiconductors, etc. That's been up. But in general, the economy's showing an industrial recession," Oubina said in an interview with Fox Business on Tuesda
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PIPR
Earnings
- 8/2/24 - Beat
PIPR
Sec Filings
- 10/1/24 - Form 4
- 10/1/24 - Form 4
- 10/1/24 - Form 4
- PIPR's page on the SEC website