The recovery indicators took a wallop this past month, with four of them pulling back, especially new orders for manufacturing. The NASDAQ had an erratic month but only had a -1.5% pullback despite much grinding of teeth. But... the ISM decrease in new orders for manufacturing and non-manufacturing needs to be put in perspective: these indicators are still high and indicate future growth. They are well above where the recession started. (click chart to enlarge) recovery tracker 100614   What's it mean? Despite five years of recovery, there is still no bullish charge ahead for the economy, and we remain in a long-term 2.25% to 2.75% GDP range. # # #