STAY THE COURSE, from Bob Doll, vice chairman and chief equity strategist for fundamental equities at BlackRock
Despite some mixed data over the past couple of months, our view is that the global economic recovery remains on track, both in developed and emerging economies. In the United States, manufacturing, production and business sales figures have risen over the past six months at their strongest rates since the early 1980s, but we have yet to see real improvements in jobs or income growth. The snow storms that paralyzed large areas of the country in February probably mean that the current month¹s numbers will be sluggish as well. Nevertheless, the Institute for Supply Management Manufacturing Survey climbed to its highest level in five years in January, and business sales have been increasing, all of which suggest that corporate profits (and, eventually, the labor markets) should see improvements in the coming months.
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