More good economic news today:
Stocks surged to 18-month highs, but bonds slumped on Monday as news of the fastest pickup in U.S. factory activity in 20 years reinforced prospects for a sustained U.S. economic rebound.
Gold prices closed above $400 an ounce for the first time in almost eight years as the dollar remained weak, making the safe-haven metal more affordable to big investors overseas.
In contrast, oil futures ended just below $30 a barrel, on expectations that the Organization of Petroleum Exporting Countries will leave production levels unchanged when oil ministers meet on Thursday in Vienna.
More here:
An unexpected leap in U.S. manufacturing in November suggests economic growth won’t slow as much in the fourth quarter as some analysts expected, as business activity picks up some of the slack from consumer spending.
After the Institute for Supply Management reported its best reading on factory activity in two decades and the first positive reading on employment in 37 months, economists speculated manufacturing jobs in the monthly payrolls data could turn positive as early as the November report due out this Friday.
“We may finally see jobs starting to play a role in this recovery. We can certainly count on 200,000 or so a month for next several months, and I wouldn’t be surprised if it turns out to be stronger than that,” said FTN Financial chief economist Christopher Low.
I expect the Democratic attacks on Iraq to reach a fevered pitch. After all, their two legged platform of disparaging the economy and preaching doom and gloom in Iraq is now a one legged monolith, leaving the Democrats talking and walking in circles. But hey- the frontrunner has Jimmy Carter’s ear!
ray
And what’ll they do after July 1, 2004, when we turn over Iraq government control to the Iraqis?
With no legs to stand on, will they levitate? Or maybe just hop around on their stumps like some Monty Python skit?
Random Numbers
“I’ll bite your ankles off!”
SDN
“It’s just a flesh wound!”