Lakshman Achuthan, managing director of the ECRI says the recovery is going to be v-shaped and much stronger than expected. He calls the recovery “unstoppable”:
(Reuters) – NEW YORK, – As the U.S. economy rebounds from a long-running recession, a weekly leading index of future growth released on Friday showed the annualized growth rate hitting a record high.
The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index rose to 128.3 in the week to Oct. 2 from 127.1 the prior week.
The index’s yearly growth rate rose to new all-time high of 26.1 percent in the latest reading, from a revised 25.0 percent the prior week.
“With WLI (Weekly Leading Index) growth rocketing to a new record high, the economic recovery will prove to be far more resilient in coming months than most believe possible,” said Lakshman Achuthan, ECRI’s managing director.
“The risk of a double dip (recession) is very low,” Achuthan added.
The index was pushed up by stronger housing activity, he
I’ve also attached a video from Tech Ticker this morning: