From Streettalk Daily X-Change December 21, 2012 - 5:49pm
The slew of economic releases over the last couple of days have all had two things in common: 1) the data has been markedly improved which has given a silver lining to the economic storm clouds we have witnessed over the last several months; and 2) the fingerprint of Hurricane Sandy has been very visible. This is not a surprise as we stated at the b eginning of November when we stated:
"While the recent impact of Hurricane Sandy is yet to be assessed - the storm could boost economic output in the very short term by roughly 0.5%. This could push a recession in the U.S. out to the 2nd or 3rd quarter of 2013."
The surges in the most recent releases of Personal Income and Spending, Durable Goods Orders and the Chicago Fed National Activity Report all showed very strong rebounds in the data. The question that needs to be addressed, however, is whether these surges are sustainable i...
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