BETTA AXE SOMEBODY!
|| By FITSNEWS || The economic hits just keep on coming. This week it’s bad news for America’s manufacturing sector, as Markit’s flash PMI – or purchasing managers’ index – posted its biggest miss on record.
Based on new orders, inventory levels, production, supplier deliveries and “employment environment,” a PMI reading above fifty is considered to be reflective of an expanding economy. April’s index dipped to 54.2 (from a reading of 55.7 last month). Analysts had expected to the measure to clock in at 55.6.
According to the firm, America “saw a waning in the rate of manufacturing growth, down to the weakest since January,” part of what it refers to as a “disappointing picture of the health of the global economy.”
The data is the latest jolt to an already jittery U.S. economy – one struggling with abysmal jobs data and rapidly fading growth projections. Wait … what? Didn’t the “rainbows and unicorns” crowd – that gaggle of eternal optimism – tell us 2015 was the year things were finally going to turn around?
They did … they also told us that lower gas prices were going to spark a consumer renaissance.
We knew they were full of it … and said so. Although this is one of those situations where we wish we’d been wrong.
Having said that, we reiterate our basic advice on the situation …
Until our leaders reverse course and engage the free market – not more crony capitalism, bureaucratic enabling and welfare statism – don’t expect anything to change. In fact expect things to get worse.
Listen to us now, hear us later …