Stuart Hoffman: economy not in "death spiral"

I still think we're in a recession, but it's clearly not the economic death spiral that you usually see in the opening months of a recession.

~ Stuart Hoffman, chief economist, PNC Financial, "April U.S. Job Loss Softer Than Feared; Unemployment Falls, Investor's Business Daily, May 5, 2008

(Payrolls shrank by 20,000 in April vs. Wall Street estimates of a drop of 75,000.)