A famed recession indicator is flashing red even as financial markets price in zero chance of a downturn in the coming year, economist says

• A handful of indicators suggest a hard landing is on the way, top economist David Rosenberg warned.
• A famed recession indicator in the job market is flashing levels similar to the last three downturns.
• But those may be lost on investors, who are still feeling bullish on stocks and the economy.

The economy is flashing a handful of warning signs that a recession could be on its way even if investors betting on a continued stock market rally don't believe it, according to top economist David Rosenberg.