Sponsored Content
« Washington Post: When We Said "Romney's Bain Capital" Outsourced Jobs, We Never Intended To Imply Romney Was Running It At The Time | Main | Weekly Jobless Claims On The Rise, Pointing Towards Bad June Jobs Number »
July 02, 2012

Double Dip Watch: Manufacturing Shrank For First Time in Three Years

The patient was misdiagnosed, bad drugs pumped into his system, and now he's in critical condition.

"This is not good," said Dan Greenhaus, chief economic strategist at BTIG, an institutional brokerage. Though the report "does not mean recession for the broader economy, it is still a terribly weak number."

The trade group of purchasing managers said its index of manufacturing activity fell to 49.7. That's down from 53.5 in May. And it's the lowest reading since July 2009, a month after the Great Recession officially ended. Readings below 50 indicate contraction.

It's not just that we've gone into contraction in this area -- it's that we did so by a big, sharp fall. At the same time most other indicators are pointing downwards.

This guy says this number doesn't mean recession for the broader economy. I assume he means it doesn't necessarily mean recession.

Okay, that would be fine, if consumer spending, consumer confidence, hiring in other sectors, and GDP were growing. But they're not.



digg this
posted by Ace at 02:45 PM

| Access Comments




Recent Comments
Winnie Mandela: "[i]Well...there's just two things I can't abide. I ..."

Zek: ""Asian-Americans in California are overwhelmingly ..."

Cat Ass Trophy: "Graham: yes he was grossly unqualified, but we hav ..."

sniffybigtoe: "The oil companies refused to allow it, just like w ..."

Anonosaurus Wrecks, Is this the real life? Is this just fantasy? [/s] [/b] [/i]: "When this old world starts getting me down And pe ..."

Ebonics: "Senator: Let's start off easy. Call you spell cons ..."

micky: "If'n he gonna be impotent he gonna look impotent! ..."

Quilter's Irish Death: "Fun Fact. As a young boy, my great uncle saw a man ..."

Village Idiot's Apprentice: ""How about using chain gangs?" Many residents w ..."

I mean they do for everything else: "California's AG Has a Theory About Who's to Blame ..."

Stuntman Mike from Death Proof: "Well...there's just two things I can't abide. It's ..."

Duncanthrax: "[i]Well...there's just two things I can't abide. I ..."

Recent Entries
Search


Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64