American Economy Hasn't Bottomed Out, Forecast Shows

I've noted a few times that despite arguments to the contrary, the U.S. is not technically in a recession. I've noted, further, that UCLA's respected Anderson forecast recently discounted recession fears.

Now, there's no doubt we're having dramatic economic instability, but at 5.1 percent the unemployment numbers are nowhere near the levels of labor market dislocations of previous economic downturns.

What to do?

Let me refer readers to the Wall Street Journal's forecasting survey of economists who suggest the U.S. economy's yet to hit bottom (via Memeorandum):

The weakening U.S. economy has further to fall, according to the majority of economists in the latest Wall Street Journal forecasting survey.

By a 3-to-1 ratio, respondents said the economy is in a recession, and almost three-quarters said the economy hasn't yet hit bottom. "It's hard to say," said Lou Crandall of Wrightson ICAP, because "it doesn't feel like anything we've experienced in decades."

Well, with this economic consensus, perhaps Hillary Clinton's not precipitous in her suspected abandonment of the 1996 welfare reform legislation.

Readers should drop me a line should they find women and children sleeping on grates.