US earnings season is about to begin. I expect a lot of EPS will be in the meet or beat estimates of wall street analysts. There is nothing to indicate that this credit expansion is ending. The job market is still hot.
Credit and money supply is elevated and upward slopping.
If the US was going into a recession, the hard data would be showing signs of weakness.
I agree with those who view the current industrial data as indicative of a slowdown. We have experienced a couple of them over the past two years. However, manufacturing is a small percentage of the US economy. The signs of an imminent recession are just not here.
