Wednesday, June 3, 2009
Of all the things that are bouncing—and the list is growing daily—these two charts are probably the most impressive. Wow. I first highlighted these charts in early February as a sign of an incipient global recovery. Now they are not far from returning to pre-crisis levels.
I keep hearing skeptics claim that this is all just China buying, shipping and stockpiling iron ore, and so it is not really reflective of what is going on around the globe. Earlier this year, many said that the rise in shipping costs would soon reverse as a lot of new shipping capacity was scheduled to be launched. I have to believe that the charts are indeed reflective of some genuine growth. The global economy is surely on the mend.
Posted by Scott Grannis at 8:22 AM