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Mike Ferguson, chief economist for Gov. Butch Otter, shared some of the most recent data on states’ recovery from the recession with the Legislature’s Joint Economic Outlook committee just now. Though Idaho was hit early and hard by the current recession, it appears to have hit bottom, he said. “Things do look as though they’ve turned a corner,” Ferguson said. “Now, it’ll take time … but the data is what it is, and it’s showing these positive indications. … Idaho has swung into positive territory, according to this measure. … This is that indication that we may well have seen a bottom.”
Some evidence of economic improvement has been seen already, he said, in the high-tech and energy sectors. “There are some positive signs,” Ferguson said. “I wouldn’t start popping champagne corks necessarily, but this is a really, really important development.”
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Yossarian_22 on January 06 at 1:31 p.m.
Yeeeeah….about that, when oil’s at $80/bbl and it’s still winter with no real growth to justify that pricing, I wouldn’t get too excited. Under normal circumstances in a serious downturn, oil should be at about 20 or 30 a bbl. The difference is China/India consumption eating up the reserves. Check Matt Simmons projections out (Google).
JamesBond on January 06 at 2:35 p.m.
Does he report state GDP growth?