Wednesday, September 2, 2009

The Green Shoots Skipped a Year

The Census Bureau is out with its Full Report on Manufacturers' Shipments, Inventories and Orders for July.

Despite sequential growth, new orders over all manufacturing industries were down 23% year on year (see Table 5). This data point was omitted from the Summary. And of course if the recent depression were a typical post-WW II recession, the recession would have already been ending around then.

Just in case you were feeling too ebullient from enjoying the green shoots.

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