Nobel laureate and Yale University economist Robert Shiller is in the camp of experts who believe the odds of a recession are very low.
He just tweeted the following about a post from White House Council of Economic Advisers Chair Jason Furman about various economic indicators:
Furman's blog chart 4 of hours worked in manuf suggests, with new record high of 42, no recession for years to come. http://t.co/KYGH2dwwnj
— Robert J Shiller (@RobertJShiller) April 8, 2014Below is the chart in question. Furman says the average workweek in manufacturing hit 42 hours in November and March, a level not seen since July 1945. It came down in December, January, and February, likely because of weather, but came back up last month.
As you can see, we've never been anywhere close to a recession when the workweek is this long.
SEE ALSO: Shiller: The Cure For Financial Turmoil Is For Everyone To Embrace Finance