Economic Indicators Rise Again

For months now, I have written that the US economy continues to strengthen, and more news in the last two days adds to my conviction. On Tuesday (April 13), chipmaker Intel [INTC:NSAQ] posted a record quarter, quadrupling profits. The company has risen 60 per cent in the last 12 months, keeping pace with the general markets. Intel commented that demand for their chips are rising, boosted by rising demand in computers and netbooks. Wall Street has been making a lot of money, but for the first time, Intel has given great news to Main Street. The company announced in their first quarter results that they will be hiring 1,000 to 2,000 employees in 2010. Many analysts were waiting to see large corporations start hiring, which would really indicate the end of the recession. Unemployment data, which is a lagging indicator, has remained flat at 9.7 per cent for the last quarter. If the unemployment rate can decrease in dramatic fashion, we could really see confidence in the consumer again. Just last week, US retail data showed that consumers have already started to open their wallets. The Beige Book also showed signs of good news. 11 of 12 regions showed improving economic conditions. Global recovery has also been signified in OPEC estimations, Asian GDP growth, and interest rate hikes. Glad to see hard working Americans, Canadians, and everyone else will finally catch a break.