That was a short lived bounce this morning....
A MISSONISM sounds bad. A huge one sounds worse. :-)
Wait a minute! Stocks were supposed to soar because of this debt agreement?
Dow is now down, if I viewed the correct data.
None of this matters because Obama will be judged on “the American believing I’m fighting for them” ...or so he says.
Nothing is going to happen in this economy until the imbecile in chief is defeated.
Manufacturing growth hits lowest level in 2 years
BY ASSOCIATED PRESS
Last Modified: Aug 1, 2011 09:24AM
WASHINGTON — A private trade group says manufacturing activity barely grew in July, falling to the weakest level since just after the recession ended.
The Institute for Supply Management, a trade group of purchasing executives, says its index of manufacturing activity fell to 50.9 percent in July from 55.3 percent in June. That’s the lowest reading since July 2009, one month after the recession officially ended. Any level above 50 indicates growth.
Stocks fell after the report was released. They had been trading higher ahead of the report, based on expectations that Congress will approve a deal Monday to raise the nation’s borrowing limit.
The index topped 60 for four straight months earlier this year. But manufacturing has stumbled in recent months.
This was expected, right?
Just heard a radio stock market update...
They are not reporting the plunge from this mornings high.
Just stated Nasdaq off 8, Dow down.
HaHa! They are not reporting the reality. Wow.
Actually the report from this morning only re-enforces the debt deal is grossly insufficient and flat out wrong.
Joe is one of the biggest Obama boosters out there.
Wonder what he thinks of his god now?
I'm confused on why they bothered mentioning 55.3. If journalists were professionals, they would either have explained why that number was relevant or left it out. Was it, for example, last month's reported number? The reader doesn't know. This guy might as well have said, "Huge miss. July ISM came in at just 50.9 vs. estimates of 54.5. It's also well below 55.3, below 74.8, and even below 98.6."
I shouldn't be too harsh on him though; he showed a little creativity. "Huge miss" and "estimates" are an underused way of saying "Unexpected" and "expectations". The writer avoided the overused code words for "Obama's not failing, just having yet another month of bad luck".
Was talking to a guy in the trucking business over the weekend. He serves a specific market, and he can always tell when the general trucking sector is having problems because they come into his market with discount offers to his customers. This is now happening, which confirms a report from last week that shippers are seeing business dry up.
This is a leading indicator of things to come.
We. Are. So. Screwed.
About to go through the 12000 mark, continuing down.