Econ Catch-up
Sunday, June 7, 2009
Some data points that need to get recorded here for future reference:
First quarter 2009 GDP was revised a week ago from an annualized -6.1% to -5.7%. Combined with the government�"s previous figures of -0.5% in 3Q08 and -6.3% in 4Q08, this means that the economy�"s estimated shrink during the three full quarters we have endured the POR (Pelosi-Obama-Reid) Economy, aka the POR Recession As Normal People Define It, has been 3.17%.
The Institute for Supply Management (ISM) reported Monday that its May Manufacturing Index came in at 42.8% (up from 40.1% in April). Wednesday, ISM�"s Non Manufacturing Index showed 44.0% (up from 43.7% in April). Both are still well below the above-50% reading needed to be in expansion. The Manufacturing number is nice, but the near-stall in Non Manufacturing, which is over 80% of the economy, is pretty strong evidence that the media�"s positivity about our truly negative situation isn�"t warranted.
Speaking of false positivity, ADP�"s National Employment report showed a seasonally adjusted 532,000 jobs lost in May, down very slightly from April�"s -545,000. Given that result, this e-mail alert I received yesterday from CNNMoney.com is transparently deceptive:
�SBetter⬝? Give me a break.
At this rate of �Sbetter,⬝ the economy, after losing over 10.5 million more jobs in the interim, will finally start adding jobs 41 months from now during the final month of 2012.
A post related to this final point is at NewsBusters.org.
Econ Catch-up
[Source: Good Times Society]
posted by 88956 @ 4:28 AM,
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