It’s Friday and we’re being told that not only is housing "stabilizing", the recession is "ending":
Earlier in the week, the International Monetary Fund’s top economist said the global recession was ending.
On Thursday, the Conference Board said the index of leading economic indicators rose for the fourth month in a row. Combined with the first non-negative reading on the coincident indicators, the rise in the LEI was enough for the research group’s economist to say that the "recession is bottoming out."
All across America, spontaneous festivities broke out to celebrate the news. It was like VE Day, Mardi Gras and Super Bowl Sunday all wrapped into one. Well … actually, no, that didn’t happen. No one celebrated because no one believes it.
Anything else that’s unbelievable out there? John and Igor have been doing more than their fair share while I’m waiting for a change in internet service next week here in Doom South. I’m sure they’d appreciate all the good links and stories you see out there. In the meantime, I’ll be around when I can or keeping an eye on things from my cell phone. This is an open thread, so let us know what’s on your mind.
twist -
This weekend should be a bit diverting. Mrs. M and I will be celebrating our anniversary Saturday, and Wild Bill is expected just in time for church on Sunday, when we’ll likely be doing a bailout of a completely different sort
Looks like Newfoundland’s going to get a direct hit.
Be safe, John!
Remember, recession has a technical meaning, one of which is two consecutive quarters of negative growth. It is likely that we will see some small positive growth in the second half of 2009. But this reminds me of that old song “Something from nothing leaves nothing”.
I’m still looking for a double dip anyway.
Government fiscal years end mid year, lots of money came in to some agencies. I heard inventories were depleted, GM is just an example. Lots of government funded construction seems to be gearing up as we speak.
I always thought the global economy would stabilize sooner rather than later, people are bored and out of work. With cheaper inputs, lower prices, and such, economies will roar again.