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The Empire (State) Strikes Out! Contraction (or economic slowdown) is hitting New York State! After three strong ‘beats’ in a row, the Empire State Manufacturing Survey crashed back into contraction, well below expectations in December (from +9.1 to -14.5, +2.0 exp). The drop takes the measure from ‘expansion’ at 7-month-highs to ‘contraction’ at 4-month-lows… Source: Bloomberg The new orders fell six points to -11.3, pointing to a decline in orders for a third consecutive month, and the shipments index fell sixteen points to -6.4, indicating that shipments fell. The unfilled orders index held steady at -24.0, a sign that unfilled...

The signs are already present and obvious, but the overall economic picture probably won’t be acknowledged in the mainstream until the situation becomes much worse (as if it’s not bad enough). It’s a problem that arises at the onset of every historic financial crisis – Mainstream economists and commentators lie to the public about the chances of recovery, constantly giving false reassurances and lulling people back to sleep. Even now with price inflation pummeling the average consumer they tell us that there is nothing to worry about. The Federal Reserve’s “soft landing” is on the way.I remember in 2007 right...

Laughing Pets, a pet-sitting and dog-walking company in Atlanta, Georgia, turned down a holiday job worth around $2,500 because it couldn't find enough staff. "We get, on average, four new inquiries per day and we have to turn all of them away," its owner Karen Levy told Insider. She said that she used to hire 12 members of staff, which has fallen to just five. As well as turning away prospective customers, she'd had to suspend some visits to long-term clients, too. "I may never get those clients back," Levy said, adding that she was even grateful for cancellations because...

By Erik-Jan van Harn, economist at Rabobank Summary The Eurozone economy contracted by 12.1% in the second quarter. The German, French, Spanish and Italian economy contracted by 10.1%, 13.8%, 18.5% and 12.4% respectively Sentiment indicators point towards a pickup in economic activity, but do not towards a Vshaped recovery As long as there is no vaccine the probability of a second wave is real. Moreover, a vaccine does not necessarily mean that the economy can return to its pre-COVID mode of operation Permanent changes to the economy requires a different skillset from employees. The government should actively guide people...

The MSM can no longer be trusted. Their fact checkers are worse. We learned this before the bogus Russia collusion Mueller fraud was shared nightly for three years on every MSM channel. Today we have another example of how the MSM will do all they can to denigrate and slander the Trump Administration and the American people. The US Bureau of Economic Analysis (BEA) released their initial results for the GDP in the 2nd Quarter of 2020 on Wednesday. In the initial summary the BEA reported that Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent...

Although for five decades, the Big Bang theory has been the best known and most accepted explanation for the beginning and evolution of the Universe, it is hardly a consensus among scientists. Brazilian physicist Juliano Cesar Silva Neves part of a group of researchers who dare to imagine a different origin. In a study recently published in the journal General Relativity and Gravitation, Neves suggests the elimination of a key aspect of the standard cosmological model: the need for a spacetime singularity known as the Big Bang. In raising this possibility, Neves challenges the idea that time had a beginning...

Manufacturing activity in the Midwest is back in contraction. The Chicago purchasing manager's index (PMI) for September was reported at 48.7 by the Institute for Supply Management (ISM). This was the fifth time this year that the index fell below 50, the border between expansion and contraction. Economists had estimated a print of 53.0, down from 54.4 in August. According to the report, production fell to the lowest level since July 2009, following "downgrades to global economic growth and intense volatility in financial markets." Overall US manufacturing growth has slowed this year. Other major regional surveys, including those from the...

We're about to get some terrible news about the US economy. Sort of. On Friday morning at 8:30 a.m. ET, the Bureau of Economic Analysis will release its second estimate of first quarter GDP, which is expected to show the economy contracted 0.8% in the first quarter. The initial reading on first quarter GDP, released on April 29, showed the economy grew just 0.2%. Ahead of that report, Wall Street expected the economy grew 1% to start 2015. Subsequent data, however, showed that the economy was likely even weaker than first estimated to start the year. Some economists, however, either...

The Philadelphia Fed Business Outlook Survey declined to -5.20, according to their latest report. The current activity index has shown no pattern of sustained growth over the past seven months, generally alternating between positive and negative readings (see Chart). The number of firms reporting decreased activity this month (29 percent) edged out those reporting increased activity (24 percent). So, Philly’s Steak isn’t sizzling. Rather, it’s getting cold. Sovereign yields around the globe continue to decline between a rush to safety and Central Bank easing. And there is nothing more vile than a cold Philly Steak sandwich with coagulated cheese sauce.

The U.S. economy posted a stunning drop of 0.1 percent in the fourth quarter, defying expectations for slow growth and possibly providing incentive for more Federal Reserve stimulus.

Bloomberg link only: http://www.bloomberg.com/news/2012-09-28/business-activity-in-u-s-contracts-for-first-time-since-2009.html

The Spanish economy remains stuck in its second recession in three years after contracting 0.4 percent in the second quarter of 2012 from the previous three months, according to official data. It was the third consecutive contraction following the previous two 0.3 percent quarterly declines, Spain's National Statistics Institute said Monday. The institute said that compared to the second quarter in 2011, the economy had contracted 1 percent. A technical recession is commonly defined as two consecutive quarters of economic contraction. The slump was due to a fall in demand at home, offset slightly by an increase in exports, the...

Last week I posted a story about a legislative proposal that would make it legal for businesses to refuse to hire or allow them to fire people just because they have a felony conviction record. This past week the bill sailed through the Assembly Committee on Labor and Workforce Development on a 6-3 party-line vote, setting up a vote by the full Assembly. A public hearing for the Senate version of the bill is set for Monday. In the story, I talked to Linda Ketcham, executive director of Madison-area Urban Ministry, who said the proposal would make it harder for...

Liberals outline stimulus agenda in 'Contract for the American Dream' By Erik Wasson - 08/09/11 10:57 AM ET Liberal organizations and unions are frustrated that President Obama has not aggressively pushed a new jobs stimulus agenda and they are offering up a consolidated fall agenda for Democrats to embrace as an alternative to austerity. Representatives of MoveOn, Rebuild the Dream and the Center for Economic Policy and Research will join Rep. Jan Schakowsky (D-Ill.) on Tuesday to launch a progressive “Contract for the American Dream” to urge the administration and Congress to turn away from budget cutting and focus on...

Euro zone contracted by massive 2.5 pct in Q1 Euro zone economy contracted by massive 2.5 percent in Q1, fourth straight decline Pan Pylas, AP Business Writer On Friday May 15, 2009, 7:24 am EDT Buzz up! Print LONDON (AP) -- The economy in the 16 countries that use the euro shrank by a massive 2.5 percent in the first quarter as a global recession sapped the industrial exports that Europe relies on for growth and jobs. Germany, the euro zone's biggest economy, saw output plunge by 3.8 percent as demand for its cars and factory machinery collapsed -- its...

I wouldn’t normally write about the mundane topic of last week’s GDP figures if it weren't so, well, peculiar. The headline figure had the U.S. economy contracting at an annualized rate of 6.1% during the first quarter of 2009. This is one way to measure economic growth. The alternative way of viewing GDP, the year over year decline, revealed a more subdued -2.6% growth from 1Q’08 to 1Q’09. By either measure, the country has not seen such large sequential declines in 50 years.

Klepach Says GDP Plunged By 9.5% 24 April 2009By Nadia Popova / The Moscow Times The economy plunged by 9.5 percent in the first three months of 2009 and might contract by 6 percent this year, Deputy Economic Development Minister Andrei Klepach said Thursday, painting a bleaker picture than the government had previously forecast. The Economic Development Ministry is now reconsidering its forecast of a 2.2 percent drop in gross domestic product for 2009, Klepach said, calling a recent International Monetary Fund forecast of 6 percent "quite realistic," Interfax reported. Klepach declined to give any exact figures. Just weeks earlier,...

No end yet in sight for recession GDP expected to be revised lower to show biggest loss since 1982 By Rex Nutting, MarketWatch Last update: 10:41 a.m. EST Feb. 22, 2009 Comments: 1472 WASHINGTON (MarketWatch) -- The U.S. economy is still getting worse, even as Washington's policy makers scramble to find the formula that will revitalize credit markets and consumer spending. The economy will probably provide some more bad news over the coming week, with little prospect that the Federal Reserve chairman or the Treasury secretary will do much to bolster spirits. The news from the flow of economic data...

Japan faces ‘unimaginable’ contraction By Mure Dickie in Tokyo Published: February 9 2009 15:04 | Last updated: February 9 2009 18:46 Japan’s economy faces an “unimaginable” contraction, the chief economist of its central bank warned on Monday, as figures revealed surging bankruptcies and a big fall in machinery orders. The warning from Kazuo Momma, head of the Bank of Japan’s research and statistics department, underscored the gloom surrounding the world’s second-largest economy as export orders dry up, companies shut down production lines and consumers stop spending. Japan, where industrial output plunged a record 9.6 per cent month on month in...

2.7 million may lose jobs in Japan as economy contracts Business Desk The Yomiuri Shimbun Publication Date: 05-02-2009 The Japanese economy will contract by 3.8 per cent in fiscal 2009 from the previous year, which may cause 2.7 million job losses in the yearlong period to December, former Bank of Japan Deputy Gov. Toshiro Muto said Wednesday in Tokyo. "A drop of 3.8 per cent is a grim forecast among think tanks," Muto, who is the chairman of Daiwa Institute of Research, said at a lecture meeting of the Yomiuri International Economic Society. "However, I'm afraid there's a possibility we'll...