Posted on 08/23/2016 8:06:54 AM PDT by zek157
Following flash PMI's drop, another early August indicator has collapsed as Richmond Fed's manufacturing survey plunges to -11 (lowest since Jan 2013) missing expectations of +6. The plunge from July's +10 to August's -11 is the largest on record - back to 1993.
Weakness was across the board with new orders crashing from +15 to -20, order backlogs and capacity utilization collapsed, and average workweek slumping.
◦Forecast range from 5 to 9 from 10 economists surveyed ◦Shipments fell to -14 after 7 the prior month ◦New order volume slowed to -20 after 15 the prior month ◦Order backlogs fell to -21 after 1 the prior month ◦Capacity utilization slowed to -19 after 3 the prior month ◦Inventory levels of finished goods increased to 24 after 15 last month ◦Inventory levels of raw goods rose to 27 after 23 last month
The only thing stopping this from being a monumental disaster was hope that sent future shipment expectations from +19 to +41 - the highest in a year.
Weakness is strength. Just like diversity.
Diversity is solidarity, or something.
When is Obama’s economic team bailing?
Don’t most of the senior people leave months before the end so that they can secure high paying jobs on wall street or at some think tank?
When did the economy collapse in 2008? Wasn’t it in September?
“Recovery Summer VIII” is just peachy.
This is great news as the FED will be less inclined to raise interest rates.
/sarc
If Shrillary is elected, we won't see one anytime soon.
If Trump is elected, rates will go up the day after his inauguration.
Hey! the DJIA is ‘goin gangbusters while domestic production is cratering due to rampant inflation and a next to worthless dollar. All while the chinese, koreans, and mexicans are laughing their asses off on their way to the bank.
Insert photograph of Obama on the golf course.
Obama has been working feverishly on his golf game.
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