December 5, 2007

Stubborn Facts

The U.S. economy just isn't cooperating with the relentless effort by the media and the Democrats to portray it as sliding into recession in time for election season.

Larry Kudlow:

There ain’t no recession.

Today’s ADP private jobs survey of 189,000 could produce a 200,000 non-farm payroll job gain for November. I don’t know — these wacky BLS numbers are subject to huge revisions. But the ADP was a huge number. In fact, jobs seem to be picking up major steam from their August low, rising in September and October. And now I’m expecting a good increase in November to be reported by the BLS this Friday.

Plus, profits are stronger than people seem to understand. The ISMs are fine. Productivity, reported out today, soared to over 6 percent annually in the third quarter. That’s the best number in four months for output per person.

On top of that, business inflation is zero. Flat. Nada.

The recession debate is over. It’s not gonna happen. Time to move on.

At a bare minimum, we are looking at Goldilocks 2.0. (And that’s a minimum). The Bush boom is alive and well. It’s finishing up its sixth splendid year with many more years to come.

More from Tom Blumer at Bizzy Blog

Posted by dan at December 5, 2007 4:24 PM