GSS: In the fields, green shoots are turning into tender plants. In the economy, though, a sturdy recovery remains elusive.
A few economists are starting to talk about a “V-shaped” turn in the second half of 2009. But the good news is still predominantly of the “not falling off a cliff” variety. Indeed, Breakingviews.com's Green Shoots Spotter turned down last week.
The latest reading in this nine-week old survey of economic and financial newsflow is 2.1, down from 2.3 last week and a series-high of 2.5 in the previous week.
That reading means the economy is much closer to “getting less bad” than to “stable”. At least, the world seems to have moved conclusively above the survey's bottom rank, “still in real trouble”.
The recent trends in financial markets – sharp recovery, juddering halt, uneasy calm – reflect the evolution of the news. Things haven't been as disastrous as feared. But at least for now, there’s not much to be cheerful about.
