As we noted a few days ago, a few green shoots are growing in the economic wasteland.  The index of leading economic indicators came in today at +0.4%, surprising economists, who were expecting a print of +0.1%.

In fact, this is the second month in a row when the LEI was positive as January saw an increase of 0.2%, the first consecutive positive monthly reading since September/October 2006.  It has been a long string of negatives with an upward reading interspersed from time to time since.

However, we are a far way yet from recovery.  As the Conference Board stated, it is still too early to see the light at the end of the tunnel.  Plus, coincident indicators are still collapsing.

But it is a start.