80% OF ECONOMISTS SAY THE RECESSION IS OVER

80% OF ECONOMISTS SAY THE RECESSION IS OVER

Courtesy of The Pragmatic Capitalist

Excellent note here from David Rosenberg this morning.  80% of all economists now agree that the recession is over.  All of this is in the midst of the largest recovery rally of all-time.  Investors looking for a contrarian position might have found the ultimate one here.  A consensus agreement that the recovery is intact and a market that is potentially overbought:

More than 80% of the economics community, according to the Investor’s Business Daily, believe the recession has ended. That is what we call a consensus. Now to be sure, it is not at all uncommon to have the stock market bottom in advance of the economy turning the corner — it occurs 99% of the time. But never before has the S&P 500 jumped over 50% from the low to the end of the recession — the pre-expansion rally from the low is normally 20%. By the time we are up over 50%, the economy is well into it second year of recovery.