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Why is no one talking about a recession?
It’s an odd conspiracy of silence. There were signs the economy was slowing in data for the end of the fourth quarter, and it’s looking far, far worse this quarter. Wednesday brought the latest trio of bad data. ADP said it had the first sub-200,000 print for private-sector jobs growth in more than a year. The Institute for Supply Management reported its fifth consecutive drop in manufacturing sentiment. Construction spending wasn't only lower in February, but January’s report was sharply revised downward. OK, there are caveats. The ADP report, perhaps after too much tampering and too many surprises, has lost ... (full story)