Skip to comments.Durable goods orders take worst monthly drop since recession (Great "recovery"! /sarc)
Posted on 09/27/2012 11:45:32 AM PDT by tobyhill
New orders for long-lasting U.S. manufactured goods in August fell by the most in 3-1/2 years, pointing to a sharp slowdown in factory activity even as a gauge of planned business spending rebounded.
The Commerce Department said on Thursday durable goods orders dived 13.2 percent, the largest drop since January 2009, when the economy was in the throes of a recession. Orders for July were revised down to show a 3.3 percent increase instead of the previously reported 4.1 percent gain.
Economists polled by Reuters had expected orders for durable goods -- items from toasters to aircraft that are meant to last at least three years -- to fall 5 percent. Last month, the drop in orders reflected weak aircraft and automobiles demand. Boeing received only one aircraft order in August, down from 260 in July, according to information posted on the plane maker's website.
Transportation equipment tumbled 34.9 percent after racing ahead 13.1 percent in July. Excluding transportation, orders fell 1.6 percent after dropping 1.3 percent the prior month. Economists had expected this category to rise 0.3 percent after a previously reported 0.6 percent fall.
(Excerpt) Read more at economywatch.nbcnews.com ...
Well then, let's give credit where credit is due:
DNC Chairman Debbie Wasserman Schultz:
We own the economy - June 15, 2011
On a thread below this one, some blogger at the WSJ was chortling that Prince Zero had added 400,000 more jobs than previously thought.
Woohoo! Recovery summer!
This is a DEPRESSION, and has been since about the time the recession “officially” ended, back in 2009. By juggling numbers, i.e., giving a “preliminary” number for employment, or quarterly growth, or whatever, then a few days or weeks later “revising” the number to some lower figure, thus establishing a new baseline, even continued REAL drops in economic activity may be made to look like a miniscule “improvement”.
Plus, when the expectations are set lower than the actual figure that becomes apparent, “not as bad” is supposed to look good.
The reality is, there are fewer productive jobs in this country today than there were in January 2009, and the ratio of those able to work to those actually going to a workplace every day continues to grow more unfavorable daily. Just the number of births over the number of deaths, means that there is an exponential increase in sheer numbers of people, so there is a growing number in the pool of POTENTIAL employees or entrepreneurs, and a shrinking pool of jobs or opportunities to be filled.
Not at all a good trend.
Did I do that?
This is obviously not good news, but WHY is the DOW now up 100 points, and oil up over $2/barrel?
Funny Money from Bernanke.....either that or investors are predicting a Romney win....
We’ll be past the graveyard soon just keep whistling.
“Just the number of births over the number of deaths, means that there is an exponential increase in sheer numbers of people, so there is a growing number in the pool of POTENTIAL employees or entrepreneurs, and a shrinking pool of jobs or opportunities to be filled.”
Obamacare will take care of this problem.
Things are worse elsewhere and European investors are probably not investing there.
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