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Home > BizTimes Daily > Archives > September 7, 2010
Baird economist doesn’t foresee double dip
Published September 7, 2010 - BizTimes Daily
Robert W. Baird & Co. Inc. chief investment strategies Bruce Bittles today said the threat of a double-dip recession is receding.
“The latest economic data shows the U.S. economy less vulnerable to slipping into a double-dip recession. The August Employment Report showed nonfarm payrolls fell 54,000 but the loss was less than expected. The report showed private sector job creation averaged just 78,000 over the past three months. Job growth is less than sufficient to allow for upside revisions to GDP but does indicate the economy is not worsening,” Bittles wrote in his Morning Call bulletin today. “The ISM Manufacturing Composite Index surprised on the upside as most economists had forecasted a sharp decline, and together with the jobs numbers was a strong enough reason to relieve concerns of another recession this year.”
Bittles predicted that the stock market will be strained with uncertainties over the next round of quarterly earning reports and the November elections. However, once those uncertainties are resolved, the market may be poised for a strong rally in November and December, he wrote.
The stock market began the new week on a down note. The largest local decliners this morning were Ladish Co. (down $1.08 to $26.68), Manpower Inc. (down $1.04 to $47.68) and Bucyrus International Inc. (down $1.01 to $63.36).
The largest local advancers this morning were Orion Energy Systems Inc. (up 22 cents to $2.91) and Generac Holdings Inc. (up 4 cents to $13.13).
