Tuesday, September 2, 2008

ISM survey still consistent with moderate growth

The ISM report this morning is still perfectly consistent with an economy that is growing only moderately, say around 2%. That in fact has been the type of growth we have seen on average over the past year.

Most importantly, there's no sign of a recession in this series, yet the market continues to worry about a recession. Good reason to stay bullish on the economy and on stocks, and bearish on bonds.

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