Baby boomers have been America's secret weapon for fending off recession

• Baby boomers are pumping $76 trillion of savings into the economy, repelling recession, Ed Yardeni wrote.
• The generation is spending heavily on services, boosting payrolls and income, he wrote for the FT.
• Traditional recession indicators focus more heavily on the goods economy.

Talks of a looming recession are flaring across Wall Street, but the savings war chest of baby boomers has staved off a US downturn.

That's according to Ed Yardeni, a market veteran who broke down why he believed recessionary doomsayers were misguided. Among his main listed factors are the generation's rising spending habits, amplified by a transition into retirement.