Posted on 09/20/2012 7:17:41 AM PDT by SeekAndFind
U.S. manufacturing closed out its weakest quarter in three years this month and the number of Americans filing new claims for jobless benefits held near two-month highs last week, suggesting the economic recovery is failing to gain traction.
Financial information firm Markit said its U.S. “flash”, or preliminary, manufacturing Purchasing Managers Index stood at 51.5 in September, unchanged from August. A reading above 50 indicates expansion.
The index averaged 51.5 in the third quarter, below the 54.2 registered between April and June, for its worst showing since the third quarter of 2009. At 51.2, the output component was the lowest since September 2009.
“With output growing at the slowest pace since the recovery began, the manufacturing sector may have even acted as a slight drag on the economy in the third quarter,” Markit chief economist Chris Williamson said.
After growing at a 1.7 per cent annual pace between April and June, the economy likely slipped “closer towards stagnation” between July and September, he added.
A separate report from the U.S. labour Department showed initial claims for state unemployment aid edged down just 3,000 to a seasonally adjusted 382,000 last week Economists had attributed a spike in claims in the prior week to Tropical Storm Isaac, but the minimal improvement in the latest reading pointed to fundamental weakness.
The four-week moving average for new claims, a better measure of labour market trends, rose 2,000 to 377,750 – the highest level since June. It was the fifth consecutive weekly increase in the measure.
(Excerpt) Read more at theglobeandmail.com ...
I have tried to watch the DNCBS evening news recently. In DNCBS land everything is great, the economy has never been better, food prices aren’t rising, more and more people are getting work, etc.
It seems, my FRiend, you have been paying attention.
It’s going to be funny, when hordes of non-military government employees find out that manufacturing on American soil once provided most of their revenues. Now the socialist, commie income recipients are running on debt, soon to be only fumes of debt.
Have fun. Enjoy the best part of the slide at the end. I know that I will.
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