Job market will turn around, but only in certain sectors. Forget manufacturing. Here's an observation. Despite the increase in business spending on equipment and software, inventories still remain low. Is that optimism?

For one, remember the bruhaha over SUV's and the new tax law? Environmental groups were up in arms saying that it only furthers our dependence on fossil fuels. Congress the tax deduction for business equipment from 17.5k in '96 to 25k in '03. The President plans to take the deduction to 75k.

The big surprise from yesterday is the increase in auto sales. Is this directly related to the new tax law? Who knows, the feds don't break out the category. It's all business equipment and software.

Low inventories used to hint at cautious behaviour toward the economy. But I don't think inventories are low because companies are unwilling to commit, I think they're low because companies are becoming more efficient in managing their supply chains. Here's a job opportunity. Purchasing! Despite manufacturing job losses, companies are spending money hiring good purchasing personnel who understand supply chain management. They've found that proper JIT purchasing saves time and money. The figures vary, but I've heard figures as high as 10% cost savings for smaller firms. Check it out, see if I'm right.

Good luck

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You don't need a weatherman to know which way the wind blows - Robert A. Zimmerman