Posted on 07/03/2012 5:45:32 AM PDT by Kaslin
US Manufacturing contracted this month as reported in the June 2012 Manufacturing ISM Report On Business®
Economic activity in the manufacturing sector contracted in June for the first time since July 2009; however, the overall economy grew for the 37th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business®.New Orders and Prices Plunge
"The PMI registered 49.7 percent, a decrease of 3.8 percentage points from May's reading of 53.5 percent, indicating contraction in the manufacturing sector for the first time since July 2009, when the PMI registered 49.2 percent.
The New Orders Index dropped 12.3 percentage points in June, registering 47.8 percent and indicating contraction in new orders for the first time since April 2009, when the New Orders Index registered 46.8 percent.
The Production Index registered 51 percent, and the Employment Index registered 56.6 percent. The Prices Index for raw materials decreased significantly for the second consecutive month, registering 37 percent, which is 10.5 percentage points lower than the 47.5 percent reported in May.
Comments from the panel range from continued optimism to concern that demand may be softening due to uncertainties in the economies in Europe and China."
(Excerpt) Read more at finance.townhall.com ...
They all expect skittle-crapping unicorns too, imagine how THAT could be wrong
No-one should believe the economic numbers of this Communist government.
Its difficult to see thru the fog of the Kool-Aid.
but it's probably the new economy. ISM, schmeyessem. The government decides whose economy is expanding, and whose is contracting.
The same clowns kept being surprised UNEXPECTEDLY by reality?
If they are this consistent, there are still some usefulness for them then. Turn 180 for everything they ‘predict’.
How “unexpected”. Shouldn’t these economists be fired or, at least, have their pay docked? Incompetent boobs. Astrologists or fortune tellers probably are as accurate as the average economist.
How “unexpected”. Shouldn’t these economists be fired or, at least, have their pay docked? Incompetent boobs. Astrologists or fortune tellers probably are as accurate as the average economist.
Many people are born lacking intelligence. But to become truly stupid, you have to go to college.
Econ-O-Misseds........................
I made an economist really angry once when I pointed out that all economists work for salaries from universities, the government, or utility companies.
If they really believe the crap they peddle, let’s see one quit that cushy job, mortgage his house, sign a lease, hire some employees and go into actual business based on economic “theories”. A “consulting” gig cushioned by a fat pension doesn’t count.
The drop was huge and way outside normal moves. Not all that unusual to not have anyone predict such a huge change. The funny part was the market reaction. Obviously it’s really bad news yet the market reacted positively because now there is a greater chance of Fed intervention. QE3 baby!
“All are educated well beyond their intelligence. . .
One of my favorite Jerry Clower sayings. . . .”
_____
Or to to put in the words of my long deceased father.” They keep learning more and more about less until now they know everything about nothing”
Several economists who follow the Austrian Business Cycle Theory such as Peter Schiff were able to see this train wreck coming.
Keynesian economics is morally and intellectually bankrupt.
Austrian Business Cycle Theory: A Brief Explanation
Mises Daily: Monday, May 07, 2001 by Dan Mahoney
and:
Business Cycle Primer
Mises Daily: Thursday, February 08, 2001 by Llewellyn H. Rockwell Jr.
I wouldn’t have predicted contraction either, since I didn’t foresee that bonehead move by Roberts to preserve Obamacare.
Contraction happened “before” the Roberts’ Obamacare ruling of last Thursday-Friday.
That ruling - in a logical stock market - would have collapsed markets on Friday-Monday. This info covers a longer term trend. That the economists missed as well.
That makes as much sense as being happy about a broken leg because then you can be pumped full of morphine. But I guess it makes sense to the addict (either to morphine or freshly printed Ben Bernanke billion dollar bills).
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