Oil-related job cuts may start to slow: Energy firms announced plans to lay off 1,279 workers in March, down from 16,000 in February. But for oil patch states, other questions remain: the health of the service economy surrounding energy firms, the reliability of tax revenues, and so on.
Some of that uncertainty may be trickling through to the broader economy. Some 42% of all IBD/TIPP respondents still say the U.S. is in a recession in April, nearly six years after the economic recovery began.
Yet recent data has been fitful, making it hard to get a clear read on whether the economy is turning down or just taking a beating from temporary factors ”” the oil price plunge, severe winter weather, and the West Coast ports labor slowdown, for example.