New York, New York (PressExposure) August 29, 2009 -- "Mann International" the Asian-based investment broker apparently believes that recent data on the US housing market, consumer prices and retail sales have served as a timely reminder to over-optimistic commentators that the US economy is further from recovery than initially thought.
Analysts at the firm have reportedly reminded clients that bullish US commentary emanating from "those who should know better" was largely wishful thinking and reiterated their view that the world's largest economy is too heavily dependent upon consumption to emerge from its worse recession this year.
"Mann International" sources suggest that with the consumer effectively tapped out and worrying about job security, it was unlikely that the much-vaunted V-shaped recovery that pro-US commentators say is imminent will materialize.
One of the "Mann International" sources said that the firm is keeping a close watch on the US financial sector citing mounting concerns over the state of commercial mortgage backed securities (CMBS) which many believe may be the next shoe to drop. The market has begun to exhibit signs of stress as the commercial property sector continues to suffer from the effects of the downturn.
"Mann International" analysts believe that although turmoil in this market will not have as profound an effect on individuals as the residential malaise which continues to see repossessions reach record levels, it is likely that banks and other financials will face serious pressure and additional asset write-downs should it deteriorate further.