The collapse in domestic drilling activity, triggered by the slump in oil prices, which has been compounded by another year of unseasonably bad winter weather, has been severe enough to indicate that the economy contracted in the first quarter. With the fallout in the energy sector just beginning, we seriously doubt the consensus view that the economy will subsequently accelerate again throughout the rest of this year.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.