Posted on 08/01/2011 7:37:56 AM PDT by blam
HUGE MISS ON ISM: Manufacturing Index Collapses To 50.9
Joe Weisenthal
Aug. 1, 2011, 9:55 AM
The number: Huge miss. July ISM came in at just 50.9 vs. estimates of 54.5. It's also well below 55.3.
The prices paid index plunged from 68 to 59.0.
According to Bloomberg, it's the lowest since July 2009.
Stocks are in the red.
Bad news for the economy.
Original post: Given the run of weak data, this will be a closely-watched one..
July ISM (a survey of manufacturing) is expected to come in at 54.5 vs. 55.3 last month.
The "whisper" is probably lower.
Stocks are up, but have came way below earlier highs.
The number is out at 10:00 AM. We'll have it here LIVE.
(Excerpt) Read more at businessinsider.com ...
Joe is one of the biggest Obama boosters out there.
Wonder what he thinks of his god now?
http://www.theblaze.com/stories/glenn-beck-commentary-why-the-debt-deal-is-bad-news/
There is no recovery, never has been, as long as this administration has been in the White House.
Reminds me of walter cronkite moments of
"and that's the way it is" every night,
when listening to the most trusted man in America.
Where did that sarcasm tag key go?
and fifty years later still see cronkite reporting
in the lamestream.
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".
The scary thing is that there are no safe havens for investment.
Gold is good, but frankly, most people are struggling to just keep up and don’t have 1600+ to fork over on an ounce. Everyone and his brother is expecting a WTH dollar rally as the “safe haven” play against the Euro, but I don’t think that will materialize with the ridiculous shenanigans that pass for “debt” negotiations.
If anything, the interest rates should rise but that won’t happen either. Nothing is working at this point.
A VAT would go a long way toward ending the disadvantage the US is up against in global trade. The corporations would, at last, have to add in that advantage of cheap (slave) labor and no regulatory hinderances that keep things out-of -whack tradewise.
I’m going for the cheap priced, dividend yielding consumer stocks that I’ve usually avoided.
The whole atmosphere just stinks as far as investment.
So true. Business as usual in D.C.
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.
There are other investment/safe possibilities for less affluent people. I have many nickels too.
http://ir.moodys.com/governance.cfm You can find the names of the board members and principal officers right here. I didn’t vote for any of these pukes.
We. Are. So. Screwed.
About to go through the 12000 mark, continuing down.
Thank Bert!
This IS a very important article.
A VAT only works to boost manufacturing jobs if we use that to replace the FICA tax. A national sales tax can work as well.
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