Why economists don't see an emerging recession in the slowing jobs numbers

Lately, signal after signal has stoked fears of a forthcoming recession, from the inverted yield curve to billionaires' squirreling away cash as if the end is nigh.

While one economist said last month that the economy is "walking on a tightrope," at least some experts think Friday's disappointing jobs report isn't cause for too much concern. University of Michigan economist Justin Wolfers said the August report, which showed about 96,000 jobs added in the private sector, made it "really hard to see a downturn" that could preempt a recession. Wolfers said the report was middling enough to reinforce either belief, but certainly not alarming. "If you were worried about looming recessionary forces," he tweeted, "this morning's number isn't strong enough to make you radically shift your view. This is the labor market saying, meh."

CNBC's Yun Li agreed. While private sector employment growth was its lowest since February, "the overall labor market is still in good shape," she wrote. Jason Pride, chief investment officer of private wealth at Glenmede, pointed to the strong household report as an indicator of continued growth despite recessionary numbers in the manufacturing industry. "It also allays fears that a recession in the U.S. is imminent," he said in a note, per The Wall Street Journal.

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However, plenty of analysts don't think the report was strong enough to reassure wary investors, let alone average Americans. President Trump has sought to blame the Federal Reserve, China, and news media for the growing sense that a crisis could soon strike, which pundits like The Week's Joel Mathis think is a red flag of its own. Writing for Forbes, economist John Harvey says it's actually the declining private investment in the GDP that has him freaked out, not necessarily the jobs numbers.

So while plenty of indicators do have economists concerned, it seems the jobs report itself wasn't enough of a blow to cry recession just yet.