Commodities, not just oil, are down.
Commodities are talked about as investments, but the investments are based on the idea that industry needs commodities to operate. Commodities are raw materials. If industry is buying fewer commodities it is because fewer things are being made. Things are made before they are needed, so commodities are a leading indicator to the economy. The price of oil, copper, and other raw materials are declining which suggests industrial production and consumer consumption are anticipated to decline as well. That is what a recession could look like. From the US everything looks better, but that is partly because the rest of the world isn’t doing very well.
“It’s Not Just Oil That Is Crashing And That’s Not Good” – Daily Kos
Pretending Not To Panic 