Posted on 08/19/2010 8:37:34 AM PDT by Qbert
A key measure of manufacturing in the Mid-Atlantic region fell unexpectedly in July to its lowest level in a year, while an economic forecasting gauge rose less than expected, further signs that the US economic recovery is slowing.
The Philadelphia Federal Reserve Bank said its business activity index fell to minus 7.7 in August from July's plus 5.1. Any reading below zero indicates a shrinking in the region's manufacturing.
The August reading was the lowest and also the first contraction since July 2009, when the economy was recovering from the credit crisis.
"We see data like this and it kind of confirms the bottom end of the scenario and it's going to be pretty tough all over right now for commodities, equities," said Dan Cook, senior market analyst at IG Markets in Chicago.
Economists had expected a reading of 7.0, based on the results of a Reuters poll, which ranged from minus 6.0 to plus 10.0.
The Philadelphia Fed survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware and is seen as one of the first monthly indicators of the health of U.S. manufacturing leading up to the national report by the Institute for Supply Management, which is due next on September 1.
Stocks extended declines following the report, while prices of US Treasury debt—considered a safe-haven financial investment—turned positive and the dollar fell against the yen.
The report was not the only gloomy data the markets had to contend with on Thursday.
(Excerpt) Read more at cnbc.com ...
Reuters and the rest of the MSM have just about polished the h*ll out of that turd.
Yes.
One would think you’d need a recovery first, in order for said recovery to slow down.
WHAT #%*^%ing recovery? There has been NO recovery!!!
This is the same reaction I had. I also hear a Chase commercial on the radio that gives me the same reaction. It has some busy sounding background noise and then the announcer says that is the sound of recovery. The sound of recovery sounds more like crickets to me.
I plan to put this in the "activism" threads, too.
I have noticed local television newscasts often follow the pattern of the LameStream Media! Have you? Even FOX stations, on a local level, are not always "fair and balanced"....so here is my resource for YOU and a challenge:
Above is a link to a resource for almost every tv station in America, state by state. I URGE you, if you watch local news to contact your local stations if they DO NOT report the news about Obama, the mosque, the floundering economy, unemployment, etc. Let them know you are a local resident and you are tired of the one-sided job.
I believe LOCAL stations will listen MORE to viewers than the networks--and if we have to, let's contact not just the people who answer the phones, but go to the managers, news directors, and those "in charge".
We can make a REAL change in the way Hussein is worshiped at the local level.
I do urge you to take a FIRM but tactful tone. People screaming at their target might feel good, but won't get the message through. I suggest something like:
The lib journalists are likely to say something like "Well, we can't fit everything into the newscast...", you can reply with an appropriate response. Maybe something like, "This isn't the first time" or "the bias seems to be a pattern" and let them know you're watching, and do not appreciate it. Tell them you'll be contacting others in the station or the sponsors....
Folks, this isn't "community organizing" the Hussein way, it is making ourselves KNOWN: and it has to start at the bottom.
We are only a FEW days/weeks away from the election. Crunch time...let's make a difference! Use this resource above!!
al Reuters is just trying to cover for The Won.
Thanks for the info. Scary stuff...
If I understand correctly, quarterly GDP needs to be at least 2.5% just to prevent the unemployment rate from rising (and 3% to bring the unemployment rate down), so they’ll be nowhere near this.
Not sure about those numbers (they could be right I simply don’t know) but I have heard that the economy needs to generate 150,000 new jobs each month just to stay up with population growth. Current trailing three month average is 50,000... VERY weak “recovery”.
There has never been a “recovery” so how can it slow. What is happening is the economy that Bozo and the boys ruined is getting worse.
Yeah, I got the numbers from an article from about a year ago (so it won’t fully reflect current population growth, etc.). It’s an article for the general public (and doesn’t cite all the data sources), so I can’t fully vouch for the accuracy of the numbers:
“...Economists said quarterly economic growth around 2.5 percent creates roughly 100,000 to 125,000 jobs a month — enough to prevent the monthly unemployment rate from rising as the nation’s population grows. Growth closer to 3 percent is needed to drive down the unemployment rate.”
http://www.cleveland.com/business/index.ssf/2009/07/what_does_gdp_report_mean_to_y.html
...But a “VERY weak ‘recovery’” we’re seeing, indeed. It seems almost criminal for the media to keep calling this a “recovery.”
You are absolutely correct. Alinsky cuts both ways and the Left is the new Establishment! Time to go on the offensive and ruin some careers!
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