US economy - October's index will plunge,'' said Ian Shepherdson, chief U.S. economist - by Timothy R.Homan
``October's index will plunge,'' said Ian Shepherdson, chief U.S. economist at High Frequency Economics Ltd. in Valhalla, New York, who correctly forecast the gain. The index ``is consistent with recession, and it has not hit bottom yet.''The leading index was forecast to decline 0.1 percent, according to the median of 53 economists in a Bloomberg News survey. Estimates ranged from a drop of 0.6 percent to a gain of 0.5 percent. Bernanke, broke with the Bush Administration, and endorsed consideration of a second fiscal stimulus package. The housing slump is showing no indication of abating.
Building permits, a sign of future construction, dropped 8.3 percent in September, matching the lowest level since 1981, and single-family home starts fell to a 26-year low, the Commerce Department reported last week. The U.S. has lost 760,000 jobs so far this year, and the jobless rate held at a five-year high of 6.1 percent in September. More job cuts are on the way
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