I talked about this useful indicator two weeks ago, when it fell sharply (it falls when the economy is strong, and rises when it's weak). It rebounded in the next week after my previous piece, but has fallen again. Another sign that "payback" is over. [Chart courtesy of Econoday.]
The US looks like it will continue to grow. The European slow-motion trainwreck is still an issue, but maybe Draghi's statement last night is a sign that finally -- finally! -- the ECB is going to start behaving like a real Central Bank. More on Europe later. I've just updated my world industrial production programs, data and charts. But I'm busy as, so you'll have to wait!
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