I can TOTALLY live with this!
Posted on 08/22/2019 7:50:04 AM PDT by SeekAndFind
U.S. manufacturer growth slowed to the lowest in almost 10 years in August, the latest sign that the trade war may be exacerbating the economic slowdown.
The U.S. manufacturing PMI (purchasing managers index) was 49.9 in August, down from 50.4 in July and below the neutral 50.0 threshold for the first time since September 2009, according to IHS Markit.
Any reading below 50 signals a contraction.
“Manufacturing companies continued to feel the impact of slowing global economic conditions,” Tim Moore, economics associate director at Markit, said in a statement on Thursday. “August’s survey data provides a clear signal that economic growth has continued to soften in the third quarter.”
Manufacturing had been one of the big winners during the Trump administration, but the tit-for-tat tariffs in the U.S.-China trade war have taken a big bite from the sector. U.S. manufacturing activity slowed to a nearly three-year low in July, based on data from the Institute for Supply Management.
But this new survey showed new orders received by manufacturers dropped the most in 10 years, while the data also showed export sales tanked to the lowest level since August 2009.
“The most concerning aspect of the latest data is a slowdown in new business growth to its weakest in a decade, driven by a sharp loss of momentum across the service sector,” Moore said. “Survey respondents commented on a headwind from subdued corporate spending as softer growth expectations at home and internationally encouraged tighter budget setting.”
Manufacturers continued to reduce their inventories this month, which was mainly contributed to the concerns about the demand outlook, according to Markit.
(Excerpt) Read more at cnbc.com ...
First time in a decade? Does that mean it was growing during Obama? I’d love to see what statistics they have that supports that claim.
… this never happened when Obama was present! /s
It was growing slowly.
You see this in multiple related data sets, such as manufacturing employment.
The problem was it was extremely slow growth compared to other recoveries.
Yea this doesn’t even make sense.
We have almost zero manufacturing which is then shipped to China.
I also question the writer and where they got the info.
Yun Li?
Here we go... the “Deep State” with the help of the DEMONRats and the leftist “fake news” propaganda MSM are going to try and TANK THE ECONOMY in their delusional attempts to destroy President Trump and derail his reelection.
Nobody here should be surprised by this. If the U.S. economy was as strong as we’ve made it out to be, you wouldn’t see the President running around calling for cuts in interest rates that are already at or near historic lows.
“...the latest sign that the trade war may be exacerbating the economic slowdown.”
Temporary setback, if even TRUE, then we’ll be off like a raped ape once again.
MAGA! KAG! Trump. 2020. Landslide. :)
For the part in bold, here are a few more items that CNBC can swap in depending on the agenda of the day:
Global warming
Russia
Trump
the deplorables
Christians
gun violence
the refusal to re-engage in the TPP
I'm sure there is more.
I’m finding this hard to swallow.
I can TOTALLY live with this!
Shhhhhhh! Stop confusing people with facts! Oh-and don’t forget that the jobs reports were revised downwards by over 500k.
...and IIRC, it was growing at a rate below population growth - which means functionally shrinking.
On CNBC’s home page right now, the word “recession” appears seven times.
Orange Man Bad for the economy!
The trade war? LOL! A tariff cannot both slow manufacturing and also increase manufacturing? It does either one or the other. A tariff PROMOTES domestic industry, it is only common sense.
Don't bring common sense into the discussion. /sarcasm
That’s what she said.
They so evil. They take a small contraction from the top, and say it that it rose during the Obama years, when during those years it did not grow at all.
Manufacturing shrunk significantly under Obama but the fed simply reclassified other work as manufacturing.
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