Posted on 09/01/2009 8:39:07 AM PDT by Erik Latranyi
Manufacturing sector expands; pending home sales up more than expectedNEW YORK - The U.S. manufacturing sector grew in August for the first time in 19 months, adding to evidence that the recession is ending.
The better-than-expected reading Tuesday by the Institute for Supply Management showed the highest number for its manufacturing index since June 2007. New customer orders jumped to a level not seen since late 2004.
And in another sign of an improving economy, a gauge of future U.S. home sales rose more than expected in July to the highest point in more than two years.
(Excerpt) Read more at cnbc.com ...
Just wait until the mfg. sector falls again because they front-loaded several months’ worth of automobile demand into one month.
The reporting on our economy is a house-of-cards that is ready to fall flat on its face.
Lots of misleading events:
Good News: Rockford, Illinois is getting a solar panel plant.
Bad News: The plant will be owned and operated by the Chicoms.
You make a very good point. From the same article:
“At the same time, total U.S. construction spending fell 0.2 percent in July to the lowest rate since February 2004, Commerce Department data showed on Tuesday, despite residential construction making its biggest gain since September and federal building reaching a record pace.
Analysts polled by Reuters had expected construction spending to remain unchanged from June. June’s rise was revised down to 0.1 percent from the originally reported 0.3 percent.”
And worse, from the same article:
“No New Jobs
U.S. manufacturers will not add jobs in a significant manner in the near term despite higher demand reviving production, according to the ISM.
Manufacturing job growth will not occur “any time soon,” even as the sector showed expansion for the first time in more than 1-1/2 years in August, said Norbert Ore, chairman of ISM manufacturing business survey committee.
Ore spoke during a conference call after the release of the group’s monthly factory data.”
CNBC, among others spouting “green shoots” garbage, has no clue....
Yep. It ought to be interest (and I don't mean that in a good way) to see what happens next year when the commercial real estate market collapses, and the ARM adjustments hit.
I saw some new green shoots today — mold on my shed’s siding I can’t afford to replace.
Bleach (especially store brand) is about a buck a gallon.
Have at it!
Correct. This is not the result of healthy economic expansion. It is a species of artificial demand created by Federal deficit spending (public debt) that encouraged the exchange of private asset ownership (paid-for cars) for increased personal indebtedness, with the notes on that debt held by banks who routinely lie about their asset valuations while being propped up by the taxpayer. There are your “green shoots”, folks, and it’s a big pile of horsesh!t.
The reporting is nothing short of childish fraud. It is perfect proof of the the Spin Artist's work. Every signal is read as an improvement:
Subsidise house sales - "Improved sales - hooray!"
Subsidise car sales - "Improved sales - hooray"
Unemployed stop claiming benefit - "Improved employment numbers - hooray!
Only 470,00 NEW unemployed this week - Economy improving - hooray!
And on, and on, and on.
“Only 470,00 NEW unemployed this week - Economy improving - hooray!”
Actually it was 570,000 last week.
Right, cash for clunkers’....and they seriously think the American people are not smart enough to see through this, apparently so. They tell us it’s the worst ‘crisis since the Great Depression’, call us ‘cowards’ ‘nazi’s’, ‘racist teabaggers’ Oh, and don’t forget to shop and go more in debt to help the economy!!!!
The stock market doesn’t see any so called “green shoots” this morning....more like dead weeds......
I know...these idiots can’t even keep up with what is going on much less tell the truth.
Pent-up demand and depleted inventories = new orders.
Hooray! It used to be over 600,000 - definitely a sign of improvement - hooray!
It will be revised up beyond 600,000 tomorrow.
LLS
LMAO! Suddenly the MSM finds all kinds of virtue in a weak dollar when for 3 years under Bush they howled about how horrible it was for the administration "to allow the once great dollar to sink to historic lows." Now suddenly the MSM sees there are economic benefits to a weak dollar now that their boy is in the White House. Too funny.
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