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Let's not forget that industrial production figures came in showing contraction, as well.  Were it not for demand in the service sector, we'd already be in a recession, as Brad DeLong pointed out.

Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
by Drew J Jones (myfriends@thisispancakes.com) on Sat Mar 3rd, 2007 at 02:48:55 PM EST
[ Parent ]
true, but don't forget Drew that we are moving very much toward a service economy,,,and not a manufacturing economy.  Not service in the pejorative sense of flipping McDonald hamburgers, but in the sense of things like investment banking, financial advisors, private equity, venture capital,,,the services side of health care.  Even for businesses that have a large manufacturing component like medical devices, we do the clinical discovery, the R&D, managing of clinical trials, the market launch in the US,,,,but the manufacturing is moved offshore when the product design is stable.  
by wchurchill on Sun Mar 4th, 2007 at 02:34:40 AM EST
[ Parent ]
Nothin' to argue against in that.

Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
by Drew J Jones (myfriends@thisispancakes.com) on Sun Mar 4th, 2007 at 04:59:42 AM EST
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