Following 12 consecutive monthly increases from April 2009 to March 2010 in the Leading Economic Index, which was: a) the first such string of 12 straight increases in six years (since 2004), and b) the largest 12-month increase (11.5 points) in the history of the Leading Economic Index (back to 1959), the index slipped in April to 109.3 from 109.4 in March, according to the Conference Board report yesterday.
That means that there was a statistically insignifcant drop of one-tenth of 1 point in April's Leading Economic Index, hardly the kind of decline that should cause any concerns about the future direction of the U.S. economy. And yet according to the headlines, the economic recovery is about to be derailed:
"Key US indicators point to economic recovery losing steam"
"Leading indicators drop, experts still expect “sluggish” economic growth"
"US Economy: Leading Index Signals Recovery to Cool"
"Uh oh: Leading economic indicators slip in April"
"US: Leading Index Dips; Slower Growth Ahead"
How about something more realistic like:
"Following A Record 12-Month Increase, Leading Index in April Falls By Insignificant One-Tenth of One Point: No Change Signalled in Economic Recovery"
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