The drop in the LEI was steeper than the 0.7% projection and follows on the heels of a 0.5% decline in February. A conference board spokesperson pointed out that the LEI has hit the lowest level since November 2020 and is "consistent with worsening economic conditions ahead."

The weaknesses among the index's components were widespread in March and have been so over the past six months, which pushed the growth rate of the LEI deeper into negative territory. Only stock prices and manufacturers' new orders for consumer goods and materials contributed positively over the last six months. The Conference Board forecasts that economic weakness will intensify and spread more widely throughout the US economy over the coming months, leading to a recession starting in mid-2023."

In fact, the Leading Economic Index is now lower than in the early stages of the 2008 recession.

Longview Economics CEO Chris Watling told CNBC that a recession is coming, citing what he described as "pretty compelling" and "brutally bad" leading economic indicators.

Even the Federal Reserve now concedes that the economy is heading toward a recession. But Powell and Company insist the downturn will be "mild."

Keep in mind that in early 2008, then-Fed Chairman Ben Bernanke was predicting a "mild" recession.