State Chamber Update
A recent Washington Post story about our national economy caught my eye, and I thought this was worth sharing. The author “asked top economic forecasters what metrics they are watching closely right now.” There seemed to be consensus around seven key indicators that have done a good job signaling recessions in the past: Manufacturing purchases (PMI), trucking volumes, heavy truck sales, business capital spending, temporary hires, bank lending conditions and new claims for unemployment benefits.
to read the story.
The good news is that while some indicators suggest trouble ahead, most do not. I really like the Cass Freight Index for Shipments, given that just about everything in our economy touches a truck or trucks at some point. And while that looks a little troubling, look at the Bureau of Labor Statistics graph measuring temporary help. All in all, this was an interesting story.