>out in the official data, and less so but still true in the real world, things are still bobbing along.

The Titanic had 3 days of warning and took 3 hours to sink. A large ship takes a long time to do anything, be it turn or drown.

If you've been following the breadcrumbs in pretty much any industry (especially tech), you know the market isn't in a good shape. If you're looking outside expencting to see the world burning, you gotta wait another 3 hours (or hope someone steps in first).