Bill Holter’s Commentary
As we have been stressing for several weeks, economic contraction due to slack demand and supply chain issues. Central banks do not have a tool to create an antidote, nor can they “print” people back to work. Be assured, there will be credit market ramifications, and we all know it is all about credit!
China Mobile Phone Sales Crash Most On Record
February 24, 2020
China’s mobile phone industry cratered in January as shipments plunged by more than a third, according to a new report from China Academy of Information and Communications Technology (CAICT).
China shuttered dozens of cities, closed major manufacturing hubs, shutdown retail stores, and placed more than 700 million people in lockdown for virus containment purposes, creating one of the most massive demand shock the country has ever seen, resulting in the bust of the mobile phone industry in January.
CAICT reported domestic mobile phone shipments were around 20.8 million units, down 38.9% year-over-year.