April 18, 2011

The most recent reading of the Industrial Production Index numbers shows a 0.8% increase in March. The index rose at an annual 6.0% during the quarter and it is 5.9% higher than it was a year ago. Manufacturing showed its fourth consecutive month of strong expansion. These are all bullish signs. The numbers are consistent with our hypothesis that, during the second half of 2010, individuals and corporations accelerated income and production in anticipation of the possible expiration of the Bush tax rate cuts.

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