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May 19, 2008

Long-Awaited Recession Canceled Until Time TBD; Liberals, Media Hardest Hit

Economic forecast rises for second month:

A forecast of US economic growth climbed for the second month this year in April, another sign that the economy may be in better shape than some had feared, according to figures released Monday.

The US leading index climbed 0.1 per cent, and six of the 10 economic indicators that form the index were up in April, the private New York-based Conference Board said.

The increase followed a 0.1 per cent increase in March.

'The small increases in the leading index in both March and again in April could be a signal that the economy may not weaken further,' said Ken Goldstein, a Conference Board economist, in a statement.

The measure points to the direction of the economy over the next three to six months.

Even a German press agency notices. The American media won't, though. They have an election to cover win.

It has been nearly a foregone conclusion that the world's largest economy was slipping into recession, if the wasn't already contracting. But there was an abrupt change in the drumbeat this month, with warnings of economic peril becoming suddenly fewer and less threatening.

'Recession? Not so fast,' says the Wall Street Journal.

...

'A couple of months ago it seemed like we were on the abyss,' said Jay Bryson, global economist with Wachovia Corp. 'Things have changed. ... The numbers we've seen recently haven't been as bad as we were led to believe just a few months ago.'

Unemployment figures are below those of past recessions. US consumer spending, the cornerstone of the economy, beat expectations for April, except for weak car sales.

'So far, most of the economic data outside of homebuilding and house prices have not met the recession forecasters' downbeat expectations,' Business Week reported.

The US stock market, which often rebounds in the months ahead of an economic upturn, has rallied from its low point in March.


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