Recent Data Do Not Point to an Imminent Economic Upturn

In a recent post, I demonstrated that there is a large amount of optimism amongst many Keynesians.  The general consensus was that if only the Fed could be allowed to perform more quantitative easing and thus allow the “fiscal cliff” issues to be deferred to yet a later date, the U.S. economy is something like [...]


National Economic Activity Report Still Negative

The Chicago Fed September national economic activity report is still negative, but slightly better:

The index’s three-month moving average, Chicago Fed National Activity Index (CFNAI-MA3), edged up to –0.21 in September from –0.28 in August, but remained negative for the sixth consecutive month. September’s CFNAI-MA3 suggests that growth in national economic activity was below its [...]