Mish: "Nascent" Recovery or "Nascent" Economic Collapse?

02-26-2010 • GlobalEconomicAnalysis.blogspot.com

Just take a look at that happy talk. There is every reason to think this may be the start of a double-dip recession. All we have seen is inventory replenishment, government spending, and various stimulus measures like cash-for-clunkers and housing tax credits that have withered on the vine. ust take a look at that happy talk. There is every reason to think this may be the start of a double-dip recession. All we have seen is inventory replenishment, government spending, and various stimulus measures like cash-for-clunkers and housing tax credits that have withered on the vine. Durable Goods Details Orders for non-defense capital goods excluding aircraft, a proxy for future business spending, fell 2.9 percent last month, the biggest drop since April 2009. Orders for machinery slumped 9.7 percent in January, the most in a year. Orders for motor vehicles and parts dropped 2.2 percent in January after a 5.5 percent gain. The big bright spot was Boeing received orders for 59 aircraft two months ago, an increase that wasn’t captured in the December data.