Many data points have been cited as green shoots since they are simply "less bad". For example, if earnings continue to decline, but at a lower rate, this has been cited as a positive or green shoot. Well, one data point that is actually positive is the New Orders minus Inventories (NO-I) data point. Argus Research notes:
- During June, the NO-I jumped to a reading of 18.4, bringing the second-quarter average sharply into positive territory (at 16.7).
- The New Orders minus Inventory Index...has offered the most-promising indication of an economic trough.
- This barometer accurately identified the troughs in 1990-91 and 2001 recessions.