This week in 1956, Elvis Presley went on the Steve Allen Show and performed his hit song “Hound Dog” to an actual hound. It made for a strange bit of television. Allen ambushed Elvis with the dog, asking him on the show without telling Elvis a dog would be waiting for him onstage with a top hat and a scowl. The singer rolled with the punches, even giving the dog a kiss after the performance was completed. 

Elvis would later recall the performance as “the most ridiculous appearance I ever did." That seems a little extreme coming from a guy who once starred in a movie called “Stay Away Joe” about a Navajo returning to the reservation to herd cattle and chase women. Elvis would go on to star in dozens of other terrible movies through the years (if you need an excuse for a movie marathon), some so bad they are actually good (“King Creole” and “Follow That Dream”). But his performance on the Steve Allen Show that night in 1956, kissing a hound dog and staring deep into its eyes, was truly bizarre.

This month’s economic indicators are a lot like that—good, bad, and truly odd. First, the good: Labor force participation is up, wages are strong, primary jobs are increasing, and the area is growing in population. Second, the bad: Gross sales are slowing a bit and vacancy rates, particularly in downtown, are up slightly. Finally, the odd: Inflation is slowing overall, but the cost of housing in the area has barely budged.

As some have taken to saying, the recession keeps getting postponed and it may never come. At this point, we’re just going to throw up our hands, admit we have no idea, and admit we can’t predict the future in this hound dog economy.

Will it catch a rabbit? Maybe we’ll know next month.