Some bad news, some good news, some neutral news, but overall, the economic picture seems to be improving. Here's the release, full-text:

　ABB Q1 results --Short cycle orders improve, infrastructure business more challenging

In a clear sign that Yokogawa's North American sales management sees the recovery beginning to happen, the company announced today that it was, effective March 16, appointing Techstar and BBP Sales as their representatives in the two most important US territories for the oil, gas and petrochemical focused automation giant. Techstar will represent Yokogawa in the all-important Houston area including the Ship Channel.

This is a wonderful piece of news, relayed by Theresa Houck of "The Journal"...

Rockwell has restored salary cuts to more than 5,000 salaried workers effective the first January paycheck. This is another clear indication that the recession's effects on the automation industry are lessening.

Longbow Research has published their January Automation Update. They are far more bullish in this report than in previous months' issues.

Here's Longbow Research's positions on the companies they follow in the automation marketplace:

From the Conference Board:

It is important to understand the difference between lagging and leading economic indicators, since the reports in the media tend to muddle the two sets of indicators together. Unemployment and hiring are lagging indicators. That means that an economic downturn has started months before unemployment starts growing, and an upturn starts months before unemployment stops growing.

Well, maybe some good news. The Conference Board reports that online advertised job vacancies were basically flat in February, rather than dipping lower.

Online advertised job vacancies dipped 6,600 to 3,348,000 in February according to The Conference Board Help-Wanted Online Data Series (HWOL)™ released today.

From his mouth to God's ear, FMA economic analyst Chris Kuehl sees an uptrend in manufacturing before the end of 2009.

ROCKFORD, ILL., December 30 – A substantial economic rebound, particular as it relates to U.S. manufacturing, only will occur in 2009 if four factors trend in a positive way, says the economic analyst for the Fabricators & Manufacturers Association, International (FMA).

Although their process automation business showed a slowdown, overall, ABB reported results that indicate that unless the mortgage credit crisis is protracted or becomes more ominous, the process industries may escape the worst of the soi disant recession we seem to be having. This may be whistling past the graveyard. It will be very interesting to see Siemens, Emerson, Honeywell and Invensys' numbers, and not just for third quarter, but for first quarter next year before deciding to relax.

From the press release:

The US Federal Reserve Bank's emergency cut in the prime rate this morning makes anybody warmer than a rock ask if we're heading into a recession, and how bad it is going to be.

Well, for the process industries, and process automation, we can help. Last week, I interviewed EulerHermes ACI chief economist, Dan North, about whether there was a recession coming, and what its effects would be on the process industries, and end users therein.