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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye U.S. Macro analyst Christian Drake.

CHART OF THE DAY: Twilight Before Recession? - EL Income   Consumption Growth

"... In reality, any number of statistics can be trotted out to support a given narrative.  It should not be a secret that our late-cycle narrative expects further deceleration.

 

Is a recession immediately imminent? …  the balance of lead labor market data doesn’t suggest that, but we are in the twilight of the current expansionary cycle and the slope of the line across a growing number of indicators has gone negative.  Today’s employment report for October won’t change the trend in payrolls."