I may faint.
From The Telegraph:
US rebound a sign IMF gloom may be overdone
The US economy appears to have turned the corner at last after flirting with danger earlier this summer, according to a rash of new data.
The tentative US rebound comes as forward-looking indicators across the world suggest that a clutch of countries are poised to pick up momentum again, though dangers abound.New jobless claims in the US fell last week to the lowest since the onset of Great Recession, while home foreclosures have dropped to levels last seen before the sub-prime crash.A burst of monetary and fiscal stimulus has begun to reignite the kindling wood in Asia and Latin America. Goldman Sachs said its early warning signal or Global Leading Indicator for September has shifted into the “recovery phase”. Its US tracking indicator shows a jump in the economic growth rate last month to 2.4pc from just 0.5pc in August.Meanwhile, worldwide PMI manufacturing indexes have risen for a second month. Korean exports – watched as a proxy for China – have bounced back after crashing in August, and Brazil is perking up after cutting interest rates to a record low of 7.25pc.Bank of America said its global momentum indicators “all point to better news”, with signs that the worldwide run-down in inventories over the summer has run its course. Once restocking begins, it tends to act as a spring for recovery....MORE
