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Capital spending picks up

Business investment is definitely picking up, with new orders for capital goods about 10% higher in November than they were at the low last April. Capex is still woefully below the levels it reached in the booming late-90s, but it is following the typical pattern in which it rebounds as a recession ends. It will take us many years to return to the heydays of the past, but at least we are moving in the right direction.

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