Sorry. We’re still going into a recession.
That’s according to ECRI’s Lakshman Achuthan, the private economist who boldly predicted an imminent recession at the end of September.
His message on CNBC this morning: We’re still headed to a recession, despite the increased bullishness among analysts and the market.
The only reason economists don’t see it, he says, is because they used traditional models, unlike his proprietary method which combines a stew of leading indicators.
CNBC’s Steve Liesman pressed him hard on what’s in the ECRI index, but he refused to say. Instead he said to just look at his track record, which is not the most compelling answer (although his track record is good). It actually got a bit testy.