04 March 2010 19:45 [Source: ICIS news]
By Joseph Chang
SAN ANTONIO, Texas (ICIS news)--The US economy is headed for a continued recovery in 2010 as the business cycle turns up, a senior Institute for Supply Management (ISM) official said on Thursday.
“Barring exogenous factors, we see a continuing economic recovery through the year. The business cycle is turning up, profits are rising and there is strong global demand with ?xml:namespace>
A number of ISM indicators point to a sustainable recovery for the
For the ISM indexes, anything above 50 indicates expansion, while under 50 indicates contraction on a sequential monthly basis.
“The chart looks like a V-shaped recovery to me, and there’s not much of a chance we’ll revert from that,” said
The non-manufacturing index (NMI), an indicator for the service sector, also turned positive on Wednesday at 53.0.
“If the consumer opens his wallet in Q3, we’ll see a stronger second half. If he doesn’t, growth will moderate,” he said.
While coming off a very low bottom, the current
“When we went into the downturn, I assumed this would not be a normal recovery. But what we’re finding out is that it actually looks pretty similar,” he said.
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