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To: Jon Koplik who wrote (110115)	1/2/2002 10:52:45 AM
From: John Hayman	Read Replies (1) \| Respond to of 152472

Jon That is quite all right to report any shorting of AT&T!! Nothing else exciting is happening, and hearing of you shorting AT&T is better than hearing news about the economy , eh? Speaking of the economy........does anyone think that we have bottomed in the economy yet. I mean, here we are in 2002, is this the recovery? Are we there yet? Greenspan said we should see the recovery starting in Dec.....did it happen? I haven't seen it yet if it has. But........at times we see data like this: Wednesday January 2, 10:37 am Eastern Time US Dec. manufacturing index points to rebound (UPDATE: adds details, ISM quote, analyst comment) By Daniel Sternoff NEW YORK, Jan 2 (Reuters) - U.S. manufacturers increased production in December as a wave of new orders flowed in, an industry report showed on Wednesday, suggesting the factory sector is well on its way to clawing out of a 17-month slump. The Institute for Supply Management's monthly Purchasing Managers' Index rose for a second straight month, to 48.2 in December from 44.5 in November. The report surprised economists, who had expected a more sluggish rebound from the shock of the Sept. 11 attacks. The report showed factories faced the strongest flow of new orders since April 2000 and ramped up production even as they continued to shed unwanted inventories. ``This is a hugely encouraging report, pointing clearly to a vigorous recovery,'' said Ian Shepherdson, chief U.S. economist at High Frequency Economics. A reading under 50 indicates the sector -- about one-sixth of overall U.S. economic activity -- is contracting. The index has held below that watershed since August 2000, marking the most severe manufacturing slump since the 1990-1991 recession. But the ISM index has rebounded sharply from a 10-1/2 year low of 39.8 in October. The New Orders Index, a crucial gauge of pipeline demand for factory goods, rose to 54.9 in December -- its highest since April 2000 -- from 48.8 in November. ``While the manufacturing sector continues to decline, the rate of decline has slowed very quickly, giving some hope that recovery may come faster than is generally found in a major downturn.'' said Norbert Ore, chairman of the ISM business survey committee. The Production Index pushed above the 50 mark, to 50.6 from 47.1 in November, and the Inventories Index fell to 37.7 from 37.9 in November, indicating manufacturers cleared their shelves at an accelerated rate. With inventories now looking extremely trim, economists say factories are well-placed to meet future demand via new production rather than from warehouse stocks. ISM's Ore said most of the steep inventory liquidation of 2001 is probably completed, clearing the way for the sector to rebound in the first half of 2002. The ISM, formerly the National Association of Purchasing Management, compiles its index from surveys of purchasing and supply executives in over 400 companies in about 20 industries. John