Attack the man? I have pointed out Norm gets buried in the minute details of a company and loses site of the big picture.
What you (and Norm) seem to miss - ECRI's indicator looks forward and is not a coincident indicator looking at current economic activity. The ECRI call back in late Sept/early Oct was looking forward 6-9 months (avg 6 months). Still too early to declare it a failure or success.
So are you paying attention? The GDP rpeort this week - below estimates. Problems popping all over Europe (Netherlands, Spain, French elections, Great Britian back in a recession).
Now all this is no guarantee of an economic pullback here, but it does tell us the odds of that are increasing.