Confidence In US Economy Rising
by admin on Dec.26, 2009, under Miscellaneous
An increase in orders for durable goods and a decline in the number of Americans filing for jobless benefits, indicates companies are confident of the sustainability of USA’s economic expansion in 2010.
Commerce Department figures reveal, while the demand for transportation equipment remains volatile, demand for durable goods, such as, machinery, metals, computers and communications gear increased, rising much more than the 2% forecast in November. According to the Labour Department, applications for unemployment insurance fell to their lowest level in over a year, last week.
After the long recession hiatus, business spending is now staging a comeback and last year’s large number of lay-offs will ensure a need to rehire in the coming year.
Signs of a recovery in global economy has seen stocks gain worldwide, while economists at Morgan Stanley in New York are raising their fourth-quarter economic growth forecast to 5.1% on the basis of the report on durable goods.
A fitful economic recovery draws strength from a stabilizing job market, signalling manufacturing will continue to contribute to the rebound.
