PMMI Reports Economy in Mild Recovery
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• If the downward trend continues in corporate bond prices, it tells us that long-term interest rates may become problematic for the economy as early as 2011.
• The exception to the economic recovery trend in 2010 is nonresidential construction. This market is set to move lower through 2010, but as a generally lagging indicator, that is normal. The companies with the most exposure to the nonresidential construction sector will have a difficult time increasing production levels in 2010. This has been factored into our forecast for a flat year in consumer/commercial industrial durables, hardgoods, components, and parts.
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