Here’s a good article with a very good description of the predictable economic cycle:

“The temporal ordering of the spending weakness is: residential investment, consumer durables, consumer nondurables and consumer services before the recession, and then, once the recession officially commences, business spending on the short-lived assets, equipment and software, and, last, business spending on the long-lived assets, offices and factories. The ordering in the recovery is exactly the same.”

From a macro perspective, we are already past most stages and are towards the last stages of reductions in business spending on long-lived assets and offices (property, plant, and equipment).

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