Cause for optimism?
Brian Wesbury, at First Trust Economics Blog believes that the economic data, while not incredible, still doesn't point to a recession. His "high frequency data"include indicators from across the economy:
"Steel production is growing at a healthy rate, up 4.8% from last year’s level, and railcar loadings are up 5.7% versus a year ago. Looking at the consumer, weekly chain store sales are up 3.7% year over year according to the International Council of Shopping Centers and up 4.1% according to Redbook Research. Also, hotel occupancy is up 2.7% from last year. Box office receipts, which are volatile from week to week, were also up 5.7% YOY this past weekend."
Read on.
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