Bushonomics (Updated) 0
BBC:
It said that Friday’s employment report, which sent shares tumbling worldwide, confirmed that the US is in the first month of a recession.
Its view is controversial, with banks such as Lehman Brothers disagreeing.
But a reserve member of the committee that sets US rates warned that it could do little about the below-trend growth expected in the next six months.
“I am concerned that developments on the inflation front will make the Fed’s policy decisions more difficult in 2008,” Charles Plosser, president of the Federal Reserve Bank of Philadelphia said.
Via Raw Story.
Addendum, the Next Morning:
An opposing view, using a somewhat unorthodox economic indicator:
Robert McLellan has his own leading economic indicator, and it’s not pointing toward a recession.
McLellan, the chief operating officer of Accurate Lift Truck Inc., of West Berlin, said he watched the company’s fleet of forklifts available for short-term rentals.
If Accurate’s customers – warehouses, trucking companies and others – are busy moving goods, the economy is perking right along and his short-term rental fleet of forklifts “is flying out the door,” McLellan said.
And how is business now? “We’re probably 95 percent rented,” he said. That is actually more than he would like.
“The rule of thumb is, you should never be more than 85 percent rented,” to ensure smooth operations, he said.
