April 16, 2010

The most recent reading to the Industrial Production Index numbers shows a monthly gain of 0.1%. During the first quarter the Industrial Production Index increased at a 7.8% annual rate. More importantly, during March, the Industrial Production Index was 4% above where it stood the previous year. However, on the negative side, during the most recent week, the number of workers filing for jobless benefits surged. The strong industrial production and the weak employment numbers are a source of concern and they fit with our view of a possible false recovery.

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