Step In The Right Direction

More good economic news for the Obama Administration via Bloomberg:

The collapse in U.S. inventories indicates the economy is laying the foundation for a return to growth this year.

Stockpiles of long-lasting factory goods declined 0.9 percent in February after falling 1.1 percent in January, the biggest two-month slide since 2003, the Commerce Department reported today in Washington. The decrease brought the ratio of inventories to sales down for the first time in seven months.

“There is hope,” Stephen Stanley, chief economist at RBS Greenwich Capital in Greenwich, Connecticut, said in a note to clients. “This is exactly the progression that needs to happen, so today’s data represents an important step on the road to recovery.”

Step in the right direction? Stocks up? Bottoming of prices? New home sales spiked? Rise in mortgage applications? Do you hear any of this in the media?

Source: Bloomberg