If you ask consumers a recession is not likely

Despite the national media cheerleading for a recession, consumers continue to buy things and that's two-thirds of the economy.

Bankrate.com analyst Greg McBride says consumer confidence in the economy is higher than expected and that means a recession is less likely.

"They're devoting less of their monthly income towards debt payment; consumer spending has remained very solid; unemployment is low -- we've had the tightest labor market in nearly 50 years."

McBride says all is not peachy, but the media's seeming wish for doom and gloom is way off.

"There's a lot of uncertainty out there but when you look at the current fundamentals and the current state of the consumer that's where you see good news. Two-thirds of economic output comes from consumer spending and the one thing that's remained very solid in this economy is the consumer."

McBride says that, combined with record low unemployment, means the economy is far from the doom and gloom we keep hearing about on the national TV news.

Despite concerns about trade with China the stock markets have been in record territory.

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