The ECRI has been holding to their recession call for the U.S. economy since late last year. While there are many signs that the economy is cooling, it is not clear whether or not an actual recession will be called anytime soon.

Aside from the fact that recessions are called in arrears by the powers that be, so far the economy is cruising along. Yes, at a snail’s pace, but so far not backward.

Obviously all that can change with a few more negative data points and an ugly outcome from whatever will go on in Europe, but for now steady as she goes.

Thoughts?