MS: Forget About Oil, The Economy Is Still Steaming Along

MS: Forget About Oil The Economy Is Still Steaming Along

If you exclude the energy complex, developed economies, specifically the US, Japan and Europe as still reporting steady growth and recession concerns are overblown, that's according to a research note Morgan Stanley's Cross-Asset Research sent to clients at the beginning of this week.

According to the note, which is titled, "A World without Oil" the traditional measures of macroeconomic growth, inflation, credit and earnings all look to be improving if you exclude the effect oil is having on the figures.

Indeed, if you take a quick glance at industrial production, corporate earnings, balance sheet health and inflation figures, they are all rolling over, a move which traditionally signals a recession. However,...