Stat of the Day: Ceridian-UCLA PCI Predicts Growth
Another stat that continues to confirm a slow but steady recovery. Contrary to the huge down day today on fears of a double dip, most of the economic data continues to suggest the economy is making very positive progress. Whether the drop today is due to slower growth from China or the meaningless lagging words from the FED, it's clearly disconnected from reality. The Ceridian PCI is a measure of the diesel traffic used in the US. According to their information, traffic increased by 1.7% in July and over 8% from last year. So after a weak spot in June, the market appears to be back on track. Not to surprising considering the US economy is growth and global economies like China continue to grow at a fast clip even if its down to say 9% from 12%. It still adds up to increased traffic and hence growth. Though the PCI fell significantly in June, a careful examination of the daily data revealed that June was not as bad as the headline number suggested because of a late Memorial Day ...