Thursday, July 15, 2010
U.S. industrial production was up only 0.1% in June, but over the past year it has increased more than 8%, recovering almost half the ground it lost from 2008-2009. Japanese industrial production is up some 20% in the past year, having recovered more than half what it lost. Eurozone industrial production is up by an impressive 9% in the past year, while U.K. production has only eked out a 1% gain.
The global economy is still a long way from making a full recovery, but progress toward that end continues. This is a picture of a disappointing recovery, but compared to the global depression/deflation that was expected just over a year ago, things look fabulous.
Posted by Scott Grannis at 6:30 AM