Empire State index negative for 3rd month: Future expectations lowest since Feb '09

Marketwatch ^ | 8.15.11 | Greg Robb

[Free Vulcan]

WASHINGTON (MarketWatch) — Manufacturing activity in the New York region remained below zero for the third straight month, raising concern that the downshift in manufacturing in the second quarter may last longer than expected.

The Empire State index fell to negative 7.7 in August from negative 3.8 in July, according to the Empire State manufacturing survey released Monday by the New York Federal Reserve.

[Free Vulcan]

Note that this is a private manufacturing index based on a direct survey of businesses. This is one of the ones I follow closely. Zero is the breakeven threshhold between expansion and contraction. They had expected a zero reading so yet again we had another unexpected. The plunge in future expectations is disturbing. Overall this is a really bad report.

[OCCASparky]

And in other related news, New Yorkers approval rating for Obumbles: 45 percent. Disapproval rating: 49 percent.

He is SO screwed.

[BfloGuy]

Government spending, whether through transfers or purchases -- all permitted by heavy borrowing, is all that is keeping the GDP growth rate above 0. The Democrats know this and thus the shrieking about cutting any spending.

Now, as we all know, government spending is a drain on the economy, but as the GDP equation was designed to illustrate Keynesian theory, that fact is well-concealed.

[factoryrat]

They still manufacture things in New York? I thought they sold all of that off ages ago. I guess we’ll have to revoke their membership to the rustbelt club.

[Leaning Right]

He is SO screwed

Actually, I don't think so. Approval/disapproval ratings don't always tell how the vote will go.

Many of the "disapprovals" are upset with Obama because he is not liberal enough for them. Those folks will still vote for him on election day.

It's not like with Carter.

[ken21]

good.

only when liberals get hit financially will they wake up to what they’ve installed in the white house.

[Squidster]

Right on! I think that the elites will start feeling a little more pain as O’s policies sink in.

http://confoundedinterest.wordpress.com

[Recovering_Democrat]

Screw New York state. Every bit of bad news it gets it deserves. Embracing perversion of marriage, spitting upon job creators, propping up moronic boobs like Chuck Schumer and Hitlery Clinton, I am GLAD to see people fleeing that rat hole.