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Recovery Indicators Make a Sideways Move

The NASDAQ Composite index rose over the past month with the general rally in stocks,

By Dr. Joe Webb
Published: April 4, 2012

The NASDAQ Composite index rose over the past month with the general rally in stocks, and is now almost 7% above the level of December 2007 on an inflation-adjusted basis. Despite setbacks over the past few days, the index is up +3.4% since about this time last month. (click to enlarge chart) The ISM non-manufacturing index fell back from 57.3 to 56.0. The new orders index slipped from 59.4 to 58.8, but the latter is still a very strong reading, indicating continued service sector growth. The imports index for non-manufacturing rose, a good sign. The ISM manufacturing index retreated slightly since last month, but is still firmly indicating continued growth in this sector. Proprietors income was revised upward again, but remains -5.2% below the inflation-adjusted level at the start of the recession. Small business continues to lag the overall economy. Overall, the last month was a sideways move for the recovery indicators.

Dr. Joe Webb is one of the graphic arts industry's best-known consultants, forecasters, and commentators. He is the director of WhatTheyThink.com's Economics and Research Center.

What do you think? Please send feedback to Dr. Joe by emailing him at drjoe@whattheythink.com.

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