Its seemed like business spending would drive very slight increases in GDP in the first few quarters of this year, and this is something that I had conceded (partially so as to not seem perma-bearish). But, it appears as though I was wrong:
"The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity for the $518 billion equipment finance sector, showed overall new business volume for January declined by 24 percent when compared to the same period in 2009.
We will point out, once again, that this time last year was just about the nadir for everything, so the fact that equipment financing is down this sharply from a year ago should be an eye-opener. And the source of that weakness is the one source that no amount of government largesse can engineer: demand."
http://markettalk.newswires-americas.com/?p=9124
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