Second Quarter Data Indicates Recession is Ending
Maura Lockwood, Cabot Headline News
July 02, 2009
Manufacturing and housing data released on Wednesday suggest that the recession is ending, Investor's Business Daily reported.
U.S. manufacturing, measured by the Institute for Supply Management index, rose two points to 44.8, the highest level since August, and the production index jumped 6.5%, the highest level since January 2008, IBD reported.
Other reports suggested that home sales may be stabilizing after a four-year slide, another sign the economy likely contracted at a slower pace in the latest quarter. According to IBD, pending house sales rose 3.1% in the Northeast and 2.2% in the West, but fell 1.7% in the South and 1.3% in the Midwest.
Hopes for an end to the recession lifted the S&P 500 0.4%, the Nasdaq rose 0.6% and the Dow rose 0.7%.
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