Posted on 10/26/2009 3:45:00 PM PDT by NormsRevenge
NEW YORK (Reuters) – Regional economic reports on Monday suggested the U.S. economy has clambered back to levels associated with the end of recession, but recovery will be patchy and may prove fleeting.
Economic activity and manufacturing data for the U.S. Mid West and Texas hinted the impact of the global financial crisis is slowly abating as the economy emerges from the longest recession in 70 years.
However, an index of national economic activity slipped on a monthly basis and a Texas manufacturing output index fell.
...
The indices preceded gross domestic product results on Thursday, the broadest measure of economic health, likely to confirm widely-held views the United States returned to growth in the third quarter. The data is a key focus in markets.
"This week, the most important report is Thursday's GDP release...which is expected to show one of the more robust readings we have seen in the last few years and will give rise to the notion statistically speaking that the Great Recession has ended," Flanagan said.
According to the median forecast of economists polled by Reuters, the U.S. economy grew 3.3 percent in the third quarter after shrinking 0.7 percent in the second quarter. ... Monday's Chicago Federal Reserve report showed its three month moving average of economic activity has neared levels seen at the end of previous recessions.
The average, which smoothes out monthly volatility, firmed to minus 0.63 in September from August's revised figure of minus 0.96, previously reported at minus 1.09.
The Chicago Fed said in the past four recessions, the three-month average's rise back above minus 0.70 has coincided closely with the end of the recession.
Yet other data showed the manufacturing rebound is patchy and uneven.
(Excerpt) Read more at news.yahoo.com ...
bumpy depression
MSM bullshit reporting of a nonexistent recovery.
Employers add jobs only when a recovery is in full progress. Until then, the cope by working their current employees more (OT).
If there is an uptick in hiring temp workers that usually means the start of a recovery. We haven't even seen that yet. The MSM version of a recovery seems to be 10% and rising unemployment, but The Soetoros are in the WH while the worst economy since the depression is a 5.5% unemployment rate but GW Bush is in the WH. Go figure.
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