Photo: US Navy
Looking for some economic commentary that won’t make you want to jump out of a window?Ben White at Morning Money gets a comment from Ian Shepherdson of High-Frequency Economics:
“We are clearly not going into a double-dip. Jobless claims just dipped below 400,000 … If it were not for the ISM [manufacturing] number I would not even be that concerned. But a lot of that was debt ceiling reaction. If you are thinking of a big capital expenditure and the idiots in Washington can’t seem to do the right thing maybe you hold your cash, if only for a few weeks. The main reason things slowed was rising energy prices. And now that has been absorbed and the debt ceiling crisis is over.” …
Shepherdson also argues that this week’s jobs number will come in strong, and that last month’s bad numbers were down due to wonky seasonal adjustments, which is something we also discussed.
For what it’s worth, Shepherdson has been an optimist for a while, having become convinced of the real recovery late last year.