"Where are the hemlines?" Econo-Girl asks herself in assessing leading economic indicators. Hemlines are a gestalt of consumer confidence as expressed in the display of kneecaps.
The general rule is higher hemlines on the fashionable female indicate higher economic hopes of the American public. And why not? Don't you feel like strutting your stuff when things are looking up? Econo-Girl does, even though those vile people on 'What Not To Wear" tell her she is too old for the higher hemline. Phooey!
My Grandmother, may she rest in peace, prided herself on wearing sequins and miniskirts until her mid-seventies, and I don't need to tell you she was hot. Econo-Girl, for one, deeply appreciates her sacrifices on behalf of the Dow Jones Industrial Average, and pledges to continue the tradition.
Aside from all that, hemlines are decidedly down. Even to the floor. The Economist printed a dire article on impending disaster in real estate markets across the world. I just think those people need anti-depressants, or something. Econo-Girl herself predicts some downturn, and maybe a recession following it, but come now. Especially after the rejection of the EU Constitution, people will want to put their money in the U.S.
I do predict a slowdown, even a recession, but this is not another Depression for God's sake. For that, keep your eyes open for corsets and layered petticoats.