Our current "recovery" (which ended with the August 1st sub-50 ISM-PMI reading) has been nothing more than a mirage created by the Federal Reserve throwing trillions of dollars at the problem to make it all go away.
Technically the damage to consumer psychology has already been done, and it's irreversible. Once the consumer and total market credit year over year charts plunged relentlessly through their support lines, the global economy entered a new deflationary era of austerity and poverty.
The corrective "b" wave dead-cat bounces that appear on the two credit charts below have completely lost momentum. Get yourself right with God because the next "c" wave down is going to be one of biblical proportions.