"REPEAT AFTER ME....THE RECESSION WAS OVER JULY 2009....THE RECESSION WAS OVER JULY 2009....."
Posted on 11/15/2010 6:29:05 AM PST by SonOfDarkSkies
New York state manufacturing unexpectedly plunged in November, the first contraction since July 2009 when the US economy exited recession, official data showed Monday. The Federal Reserve Bank of New York reported its manufacturing activity index dropped to minus 11.1 points in November, from a positive 15.7 points in the previous month. The Empire State Manufacturing Survey index is considered a bellwether of the manufacturing sector which has been a key strength in the economic recovery. It was the first time the index fell below zero since July 2009, the month after the worst recession in decades was officially declared over. The sharp 27-point decline surprised analysts, who had forecast on average a slip to a positive 11.7-point reading. The new orders index plummeted to minus 24.4 points, from positive 12.9 points in October.
(Excerpt) Read more at sg.finance.yahoo.com ...
New Yorkians... You must act quickly to raise taxes on the rich before it's too late!
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They just believe they can keep on saying it and we'll buy it? This economy NEVER left the recession and it has only gotten worse
How many New York manufacturers are already moving to Texas—Tennessee ot other southern states.?
If they are not yet doing so, they need to look long & hard at such move.
NO state income taxes—lower insurance rates—MUCH lower Workmen’s Comp rates.
When a company looks at what they’re paying their state in corp income taxes, they can surely think of lots of things they could use that money for.
A double dip is inevitable—driven by another downturn in housing prices. Greenspan admitted as much: “all bets are off” if housing tanks. And housing has to go down as a result of the debt unwind and 17% unemployment. We are screwed.
One of these days, and if I knew exactly how to do it, I’d like to trace the loss of manufacturing jobs via its proper timeline. Namely, the gov’t entities that caused it.
1. The EPA (Nixon)
2. The regulatory explosion (Nixon)
3. MFN to China, NAFTA (Clinton)
Oddly enough, the MSM loves the first two, assuming they are Democrat initiatives. But Republicans are blamed for the third initiative (Bush in particular) even though he was in Texas at the time. That was Clinton’s baby. Has everyone forgotten about the Chinese fundraising shenanigans involving Clinton?
Liberal ideaology shipped our high paying jobs overseas; nothing else.
And it continues to this very day. The left touts so much of this “green” economy. What they are not telling anyone, is that green technology requires rare minerals, starting with silver for solar panels. Mining is a high paying occupation.
Now, when was the last time you saw a mining permit granted by the EPA?
"REPEAT AFTER ME....THE RECESSION WAS OVER JULY 2009....THE RECESSION WAS OVER JULY 2009....."
The seasons change so quickly. Seems like just yesterday we were enjoying “Recovery Summer.”
Bloomberg-time!
If the US economy exited recession in 2009, why the Hell didn't it take anybody else with it?
The sharp 27-point decline surprised analysts, who had forecast on average a slip to a positive 11.7-point reading.
Where did they obtain data from in the first place Obama?
Isn't that because Bush made MFN to China permanent?
To the best of my knowledge, Bush had no role in MFN to China.
From what I’ve read, the decision to make it permanent came at the end of Clinton’s term.
But I’m willing to be wrong if someone else has more solid information.
Actually I think you are right. Clinton did it in his last year.
Again, I’m not claiming that as absolute fact. But I spent one entire night (proving my life needs some spicing up...LOL) trying to dig up these facts, and it all came back to Clinton.
As I say, I’m willing to be wrong.
That said, if you go over to Puff Ho, Daily Kook, and all the rest and reminded them of that fact, Bush would be blamed.
I’m not kidding.
I’ve come to the conclusion,a nd have seen others with better resumes than myself come to the conclusion that the Empire Manufacturing Index is no longer a valid metric due to sampling error..
As to why it is invalid..
EVERY competent manufacturer who once was based in New York State has left the state. Except for the manufacturers who are government contractors, be it defense contractors or “green” manufacturers or manufacturers who are running out the tax exemption agreements with various local, county and state authorities in the state.
There are basically no free market manufacturers left in the state, the entire state’s economic manufacturing cycle is now a heavily subsidized, partially fascist entity that has no bearing on the economic cycles of right to work states that do not depend on government contracts and unionized labor contracts.
Between 1969 and 1999, New York State lost 52 percent of its manufacturing jobs
2000 Census, 839,425 manufacturing jobs in NYState per US Census.
November 2008, 532,600 manufacturing jobs per NY Labor Department.
Silly me!
Double dip anyone?
” I didn’t realize there were any manufacturers left in New York who still manufactured anything “
Last I heard, the Tribes are still resisting the State’s attempts to tax/regulate their thriving ‘Cheap Cigarettes’ industry out of existence....
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