J.P. Morgan has released guidance suggesting that waste-management firms will benefit over the next several years, since an economic recovery will generate increased construction and manufacturing and, thus, more industrial waste. "We now expect industrial waste volumes to pick up starting next spring, based on our economist's more bullish outlook for capital spending (i.e. construction) and our machinery analyst's bullish outlook for manufacturing," wrote J.P. Morgan analyst Amanda Tepper in research notes in which she upgraded Allied Waste Industries Inc. (NYSE: AW) and downgraded Republic Services Inc. (NYSE: RSG).