With the recession in ebb — in some places, according to some people — are you feeling better?
For starters, MSNBC.com reports “better than expected readings on manufacturing and housing.” Manufacturing activity grew in October by the most in three years.
On the other hand (there’s always that other hand, isn’t there?) the manufacturing pattern seen in previous post-recession recoveries is likely to rear its head again. In those cases, early gains in manufacturing led to increased inventories, for awhile, but then faded within a few months.
Still, a 3.5% blip up in the GDP in the third quarter implies that the longest recession since the Big One (1930’s) is ending. You may cheer now.
And then there’s Warren Buffett, whose Berkshire Hathaway just bought the other 77% he didn’t already own of Burlington Northern Santa Fe railways. The deal was valued at $44 billion and was lauded as “an all-in wager on the economic future of the United States,” according to Buffett. “I love these bets,” he added. As Buffett told CNBC, “America is about business. Business will always be important to the American public.”
Feeling better now?