Richard Yamarone, senior vice president and director of economic research at Argus Research Corporation, was the June luncheon\'s featured speaker. Yamarone has more than two decades of experience on Wall Street, analyzing and researching domestic and international economic trends, monitoring monetary and fiscal policy development, and forecasting the U.S. macro economy.

1. “The State of the Business Economy” June 24, 2009 PRESENTED BY Richard Yamarone “The Trader’s Guide to Key Economic Indicators”

2. Hoping for a “V”-Shaped Recovery

3. Leading Indicators Signal Some Degree of Recovery

4. Anecdotal Reports Starting to Improve

5. Fiscal Policy Arriving at the Spigots

6. Business Investment has Collapsed

7. Little Need to Build With Glut of Commercial Property

8. Signs of Stabilization in Housing

9. Home Prices Returning to Pre-Bubble Levels

10. This Isn’t the 1950s Source: Lewis Wickes Hine, “Power House Mechanic”

11. Considerable Change in Composition

12. Considerable Change in Composition 1950 2009 Change Manufacturing 30.2% 9.5% -20.8% Resources 2.0% 0.6% -1.4% Information 3.6% 2.1% -1.5%Wholesale 5.1% 4.3% -0.8%Utilities 0.1% 0.4% 0.3%Construction 5.1% 5.0% -0.1%Retail 10.3% 11.1% 0.8%Other Services 1.9% 4.1% 2.2% F,I,RE 3.3% 5.7% 2.4%Government 13.6% 16.7% 3.1%Leisure 6.2% 9.9% 3.7%Professional 6.5% 12.8% 6.3%Education & Health Care 4.8% 14.2% 9.4%

13. Trade, the Unsexy Savior

14. Unemployment Benefit Claims Point to Economic Trough

15. Ever-Resilient Consumer Tossed in Towel

16. ‘Fab Five’ – Dining Out

17. ‘Fab Five’ – Jewelry & Watches

18. ‘Fab Five’ – Cosmetics & Perfumes

20. ‘Fab Five’ – Women’s Dresses

21. ‘Fab Five’ – Casino Gambling

22. ‘Fab Five’ Recovery…

23. Auto Industry is the Wildcard

24. Prices Aren’t ‘Collapsing’

25. Consumer Inflation Expectations on the Rise

27. Commodity (Food), Energy, Healthcare Inflation

28. (price pass alongs announced during the quarterly earning season)

29. Stimulus Fails to Generate Jobs

30. Consumers Decide to Save

32. Large Stimulus of Falling Energy Prices

33. Government Has Approved Whopping Fiscal Spending Program

34. Home Prices Have Returned to Pre-Bubble Levels