As I stated in my July 12, 2010 post ("ECRI WLI Growth History"):
For a variety of reasons, I am not as enamored with ECRI’s WLI and WLI Growth measures as many are.
The movement of the ECRI WLI Growth is particularly notable at this time. Below is a chart from Doug Short's blog post of October 14 titled "ECRI Recession Watch: Growth Index Declines Further" :However, I do think the measures are important and deserve close monitoring and scrutiny.
(click on chart to enlarge image)
As noted on the chart, the most recent ECRI WLI Growth reading of October 7, at -9.6, is at depths rarely seen since 1965.
In conjunction with this reading, it is also important to take into account ECRI's statement of September 30, which I featured in the October 3 post ("ECRI Recession Statement Of September 30 - Notable Excerpts")
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The Special Note summarizes my overall thoughts about our economic situation
SPX at 1224.58 as this post is written
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