Bloomberg reported that in an interview, economist David Rosenberg of Gluskin Sheff & Associates, said the U.S. economy is “one giant soft patch” on the verge of a recession.

In a radio interview with Tom Keene on “Bloomberg Surveillance,” Rosenberg said the economy is in a “classic pre-recession pattern” and that “we are on the precipice of the economy contracting between now and the winter.”

Rosenberg called consumer spending, which accounts for about 70% of the economy, “the weakest link” and said that “housing is clearly not coming up off the bottom”, Bloomberg noted.

To read the full text of the Bloomberg story: click here.