Empire State Manufacturing Survey: It's Beginning To Look A Lot Like The 2002 Recovery
NEW YORK FED -- In September, the Empire State general business conditions index posted its third consecutive monthly increase and its second consecutive positive reading (see chart above). Rising 7 points to 18.9, the index was at its highest level since November 2007, with nearly 40% of respondents reporting that conditions had improved in September and 20% reporting that conditions had worsened. Future indexes were generally positive and near last month’s levels. The future general business conditions index rose 4 points, to 52.3, a level last reached in October 2004.
MP: Both Empire indexes (general and future conditions) are pointing to an economy in recovery and both look a lot like the conditions in early 2002, in the post-2001 recession period.
4 Comments:
The index appears to be the second derivative of sentiment. We may have reached the minimum, but there is a long way to go.
Speaking of derivatives how long will this recovery (dead cat bounce?) last if the Obama administration and the clueless in Congress continues to push the cap & trade fraud?
"It's Beginning To Look A Lot Like The 2002 Recovery"
and we all know how well that went:
. . a short recovery powered mostly by mortgage equity withdrawal, followed by a financial train wreck.
bobble says: ". . a short recovery powered mostly by mortgage equity withdrawal, followed by a financial train wreck"...
Hey bobble, give this USNews story a spin, you need the education: Big Media Distorts Bush Economic Record
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