Because the ECRI forecast a recession a few years ago during a spate of weakness it’s being ignored this time. The difference is, as previously discussed, last time the deficit was running around 9% of GDP, while this time it’s at a recession friendly sub 3% of GDP:

21 November 2014: ECRI’s WLI Improves Marginally But Remains in Contraction

ECRI’s WLI Growth Index improved marginally but has been in negative territory for 6 weeks. This index is forecasting a slight business cycle contraction in 1Q2015. Obviously the markets do not share ECRI’s view the business cycle is taking a downturn.