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Economy shows signs of rebound
Economy shows signs of rebound
Posted on Wednesday, November 18th, 2009 at 1:51 PM EST.(Employee News)
Recent evidence from the Detroit Three and the broader economy is making it difficult to deny that the U.S. economy—even including Michigan—is beginning to heal, the Detroit Free Press reported.
That’s despite the fact that many people remain out of work, housing prices are weak and foreclosures continue, the paper said. In the last two weeks: Ford Motor Co. reported a nearly $1-billion third-quarter profit. The Chrysler Group said it generated an undisclosed level of cash in September and General Motors Co. said it has generated $3.3 billion in cash since its July 10 exit from bankruptcy, the Free Press said.
What’s more, the average stock prices of companies headquartered in Michigan are up 28 percent so far this year compared with 23 percent for all companies in the S&P 500, said David Sowerby, portfolio manager for the Bloomfield Hills office of Loomis Sayles & Co., the paper said. Nationally, U.S. retail sales rebounded by a modest 1.4 percent in October after a 2.3 percent decline in September, the U.S. Commerce Department said Monday. (Detroit Free Press)
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Rick
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