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   Brian Wesbury
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  NABE survey shows recession started in Q3 2008, not late 2007

The National Association of Business Economists (NABE) releases an Industry Survey on a quarterly basis.  Its recent release caused a stir because it showed that government stimulus money has done little to create jobs.  However, the underlying data point to some interesting facts.  First, the economy is accelerating sharply.  The chart above shows the results about Industry Demand – whether the economist's company is seeing increased, decreased or flat demand.  This index is now at a new high for the recovery.  But look at the chart more closely.  It has been our contention that the recession did not start until the Fall of 2008 after Lehman was allowed to fail, TARP was proposed and President Bush's speech to the nation set off a panic.  The survey did not fall into negative territory until Q3 2008.  Another support for our belief.
Posted on Friday, April 30, 2010 @ 12:00 PM • Post Link Share: 
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