It's time for Wall Street's fearmongers to admit they were wrong about a recession
. Typically, they say, whenever claims rise this much from their 12-month lows, a recession follows.
, and the total layoff rate remains low. Finally, despite the recent uptick in initial claims, the monthly jobs reports have remained surprisingly strong. , but even there, I'm skeptical the issue is nearly as bad as is being portrayed. Structures investment — which includes spending on nonresidential buildings such as strip malls, offices, lodging, and power plants — is less than 3% of the US GDP and only a part of that is the problem.
It's starting to make my head hurt! At some point, rational people have to put their hands up and say,"You are wrong."
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