Philly Fed growth indicator coming back. “This isn’t the end of the story, obviously, and no, it’s not quite even to 0 yet, but that dip early in the year is vanishing. The bleeding has been stopped.”
Services sector grows fastest since ’06. The ISM index for March is 55.4, above estimates. A reading above 50 signals expansion.
But unemployment is still way too high. “We’re in a deep hole, and it’s going to take a long time to get out of it.”