| Finding a leading indicator for an end market as broad as
industrial machinery is pretty difficult. It would seem that as more money is
spent on office buildings, hospitals, factories, hotels, etc. that more
industrial machinery would be bought and the production of that machinery
would increase. But, the relationship between real total construction
spending and machinery industrial production is our least compelling right
now. Part of the reason for this is that we have only 20 years of data to
compare. We will have to continue to watch this relationship to see if it
proves valuable for this end market. |
