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WSJ blog posting: The Crisis Recedes. So Does the Economy
In the article, David Gaffen cites figures from the Federal Reserve’s Empire Manufacturing Index, claiming it fell to a “record low”, but the data presented only shows 12 months of history.
Here is the entire history of the General Business Conditions index back to 2001 when they started the survey.
It does indeed show that recent values in October and March of this year have been the lowest ever (previous low was in November 2001).
