No, this is not a cover indicator — the cover indicator requires several factors not present here: It helps to be for a widely
tradable item (Stocks, Oil, Bonds, etc.), and it has to be something that is widely known — A recession is questionable amongst the pros, although surveys make it clear the public is hip to this.
The economy is simply too big and too general to
be much of a trading tell via a cover. Same thing goes for single companies, too — Google, Apple etc.
The Single Company Magazine Cover Indicator (March 2006) http://bigpicture.typepad.com/comments/2006/03/the_single_comp.html
Why It’s Worse Than You Think
NEWSWEEK June 16, 2008