Biz

More Trouble In Rainbow And Unicorn Land

THE “FUNDAMENTALS” OF THE US ECONOMY REMAIN WEAK … || By FITSNEWS ||  As the global economy warily eyes developments in Greece, fresh evidence from this side of the pond that cloudy skies are ahead. You know, as opposed to rainbows and unicorns. Markit’s June 2015 Purchasing Manager’s Index (PMI)…

THE “FUNDAMENTALS” OF THE US ECONOMY REMAIN WEAK …

|| By FITSNEWS ||  As the global economy warily eyes developments in Greece, fresh evidence from this side of the pond that cloudy skies are ahead.

You know, as opposed to rainbows and unicorns.

Markit’s June 2015 Purchasing Manager’s Index (PMI) clocked in at 53.6 (down from 54.0 in May) – its lowest level since October of 2013.

“Purchasing managers are reporting the slowest rate of manufacturing expansion for over a year and a half, suggesting that the economy is slowing again,” Markit’s chief economist Chris Williamson said.

Ruh-roh.

Here’s what the latest “New Normal” downtick looks like in chart form …

(Click to enlarge)

markit PMI

(Chart: Via Markit)

Hmmmm …

But hey (editor’s note: sarcasm ahead) … let’s follow the lead of Barack Obama and “Republican” leaders in Congress and subsidize the additional outsourcing of U.S. jobs via crony capitalist trade deals masquerading as “free trade,” right?

Because that’s exactly what the manufacturing sector needs right now … government carving out new incentives for multi-national corporations to shed American jobs.

Brilliant!

***

Related posts

Biz

South Carolina Workforce Data Continues To Disappoint

Will Folks
Biz

South Carolina: A State Of Resignation

FITSNews
Biz

South Carolina Energy Future: Questions Abound After ‘Underwhelming’ Report

Will Folks

19 comments

flip July 1, 2015 at 12:54 pm

Fits is right again today…school choice initiatives and the economy.Great job.Thumper can’t dispute this news on the economy.

Reply
Ouch, Not Again! July 1, 2015 at 2:46 pm

Oh man, twice in one day. FITS is slipping, even the Haley zombie agrees with him!

Reply
sparklecity July 1, 2015 at 1:29 pm

It’s the “new”-“new” of a global economy – plain and simple
Accept and adapt to it or go the way of the dinosaur

Reply
erneba July 1, 2015 at 2:56 pm

The “new” economy is more like “pain and cripple.”
Going nowhere fast and it hurts.

Reply
sparklecity July 1, 2015 at 8:32 pm

Can’t argue with that but that’s the way it is…………
Probably will take a generation or two to sort itself out and by then the populace will be accustomed to the “new-“new” so it won’t be “new” anymore but the norm.
By then class distinction will be more pronounced and true upward mobility will be just a memory.

Reply
tomstickler July 1, 2015 at 1:47 pm

Anyone who passed Econ 101 might point out that the latest 0.4 drop in the PMI is indistinguishable from the “noise” of similar ups and downs over the last five years.

Reply
Larry July 1, 2015 at 3:01 pm

If this were a normal economy, the last 6 months would require that the FED lower interest rates. But we can’t…they are already at the bottom.

It is easy to diminish the new normal as the just the new normal, but believe you me these numbers have real consequence. Weaker jobs market, higher debt, less tax revenue…this stuff ricochets through the economy and has dire effects everywhere it goes.

Aint good. Nope, this aint good.

Reply
Bible Thumper July 1, 2015 at 4:09 pm

Precisely. Look at the Chart. This bump is no different than a dozen others in the last three years.
http://www.bloomberg.com/markets/economic-calendar

Reply
9" July 1, 2015 at 1:57 pm

Rorschach test? It looks like a cross between a fox and a cow.

Reply
E Norma Scok July 1, 2015 at 2:22 pm

Seriously dude…get some meds. This is definitely (hyper) critical thinking at its finest.

Reply
Bible Thumper July 1, 2015 at 4:52 pm

This is dated news, but was released today. For the 12 state southeast region, South Carolina had the highest personal income growth for 2013 at 2.5%, compared to 2.0% for the nation and was in the top ten for the nation.
http://www.bea.gov/newsreleases/regional/rpp/2015/pdf/rpp0615.pdf

This comes a week after South Carolina was 6th in the nation in the first estimate for 1st quarter personal income growth for 2015.
http://www.bea.gov/newsreleases/regional/spi/2015/pdf/spi0615_fax.pdf

Reply
Manray9 July 1, 2015 at 7:15 pm

Sic: Your Chicken Little view seems contradicted by today’s Reuters reports: “The Institute for Supply Management (ISM) said its index of national factory activity rose to 53.5 from 52.8 the month before, the highest level since January. The reading topped expectations of 53.1, according to a Reuters poll of economists. A reading above 50 indicates expansion in the manufacturing sector. New orders rose to 56.0 from 55.8. The gauge of prices paid was unchanged at 49.5, compared with expectations of 51.0.

Reuters also reported “U.S. construction spending rose in May to its highest level in just over 6½-years as outlays increased across the board, the latest sign of momentum in the economy. Construction spending increased 0.8 percent to an annual rate of $1.04 trillion, the highest level since October 2008, the Commerce Department said on Wednesday.”

Who’s right? Markit, a financial services company trying to sell itself, or Reuters reporting news from the Commerce Department and ISM?

Reply
Slartibartfast July 1, 2015 at 10:19 pm

I don’t trust either. Reuters is too close to too many multi-nationals. One of Markit’s clients is a major gold-trader. One other thing – factory output is a reflection of where businesses think the economy is going. They don’t count orders cancelled, nor correlate with actual final sales. Also, production was four times that of orders. What little good news there is in these figures, is in the mind of the unicorn.

Reply
euwe max July 1, 2015 at 9:14 pm

Noooo… nonononono…. aaahhhhrhhrrrggghghghhgh!

*thump*

Reply
Elfego July 1, 2015 at 9:22 pm

Pay Day for America is closer than most realize!

Reply
The Buzzman July 2, 2015 at 6:27 am

In other news: At a Volkswagen plant, the robots take first blood.

Reply
TroubleBaby July 2, 2015 at 9:31 am

The first “Terminator”.

Reply
Rainbow Zomby July 14, 2015 at 6:54 pm

I am so horrified by the disfigured unicorn that I did not hear a word you said.

Reply

Leave a Comment