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Sunday, August 17, 2003
Jeepers, Mrs. Cleaver, the economy sure looks swell...and you look lovely too
Neil Cavuto of Fox News (the Fair & Balanced one) takes time out from putting rainbow and unicorn posters up in his bedroom to tell us that the economy is just right as rain:
What could possibly make media and market types ignore good news like that? To hear my friend Greg Hymowitz, who runs his own hedge fund, tell it, the fear it won't last. "There's a good deal of concern about momentum," he tells me.
For the life of me, I don't know why, because I see a lot of momentum. I see corporate spending sizzling again. In the latest quarterly report card on the economy, business spending surged a startling 7 percent. Another government report showed growth in the services sector, the strongest since July 1997. Leading economic indicators have advanced three months in a row. Businesses are hiring temporary workers at a staggering rate, nearly 42,000 in July. Generally that's a good precursor to full-time hiring.
Gosh, everywhere I look, I see news that was supposed to be bad proving surprisingly good. They said the backup in interest rates would kill the housing boom, then I see housing starts last month surging 3.7 percent.
I see inventories that are low that have to be replenished, and workers who are super productive, who have to get help. Where others see a collapsing economy, I see a coiled spring. I didn't just think that. Numbers clearly tell me that; numbers like simple sales reports that show more than simple sales gains at places like Wal-Mart, Kohl's, J.C. Penney, Gap, Best Buy, and on and on.
Because when profitability is up and companies are squeezing every dollar in productivity they can get out their workers, why they can't wait to hire more people. Especially in a lousy labor market where the existing employees are both looking over their shoulders and looking to hang onto their jobs.
Prosperity is right around the corner!!!!!
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