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July 01, 2004

Manufacturing Continues Growing Briskly... Yawn

This is so commonplace now I'm less and less interested in even mentioning it. But, as a conservative, I prefer to stand on ceremony:

NEW YORK (Reuters) - U.S. manufacturing expanded briskly for a 13th straight month in June while construction spending cooled a bit in May, according to two reports showing the economy's robust expansion on track.

The Institute for Supply Management said its June survey of factory activity edged down to 61.1 from May's 62.8 level but still reflected hearty growth in the sector that makes up less than a fifth of the economy. A reading above 50 signals growth.

High readings in new orders, production and another solid month of hiring showed strong growth is helping manufacturers heal the wounds of the sharp downturn that led to roughly 3 million job losses.

"I would characterize this as very robust conditions for the manufacturing sector," said Richard DeKaser, chief economist at National City Corp. in Cleveland.

Markets showed little reaction to the economic news..."

I know the feeling. It does get monotonous, doesn't it?

In a hopeful sign for inflation, the prices index also eased down further from its nearly 25-year peak hit two months earlier, falling to 81.0 in June from 86.0 a month earlier. In recent weeks both oil and gasoline prices have come down from their record peaks, though they remain relatively high.

Big deal. So inflation is tame, manufacturing is resurgent and robust, and we're in the biggest and fastest economic boom in 20 damn years.

What about Abu Ghraib? Everyone knows that's the real story.

Obligatory, half-hearted cowbell:

Sigh.


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posted by Ace at 02:36 PM

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