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Service sector recovering nicely




Calling this another V-sign of recovery might leave me open to more charges of being a cheerleader for the economy and having abandoned objectivity, so let me just say this chart shows that conditions in the service sector have improved quite a bit over the past year. Strength in the service sector is showing up across the board: in plans for new hiring, in new orders, in prices (see chart below), and in new export orders. And since the service sector is the largest sector of the economy by far, this is all very good news on the economic outlook front, and stocks are right to be cheering today.

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