Time for a reality check..pessimism has swung too far

UK: According to Future Horizons, January’s WSTS results continued to follow the underlying industry recovery trend, with ICs sales up 4.8 percent versus December (on a 5-week month adjusted basis).

They were also up 73.7 percent versus January 2009, a relatively meaningless number other than to recall just how bad things were this time last year.

The real significance of January is its potential impact on first quarter sales. Were this run rate to continue through February and March, first quarter sales would be up 8 percent versus Q4-09. That would make 2010 grow a staggering 40 percent on 2009.

This is by no means a forecast but it does serve to illustrate the strength of the recovery from the abyss this time last year.