I'm tired of all this "winning".
U.S. manufacturer growth slowed to the lowest level in almost 10 years in August, the latest sign that the trade war may be exacerbating the economic slowdown.
The U.S. manufacturing PMI (purchasing managers’ index) was 49.9 in August, down from 50.4 in July and below the neutral 50.0 threshold for the first time since September 2009, according to IHS Markit.
Any reading below 50 signals a contraction. The survey is an initial reading for the month of August. The final figure will be released Sept. 3.
“Manufacturing companies continued to feel the impact of slowing global economic conditions,” Tim Moore, economics associate director at Markit, said in a statement Thursday. “August’s survey data provides a clear signal that economic growth has continued to soften in the third quarter.”
Manufacturing had been one of the big winners during the Trump administration, but the tit-for-tat tariffs in the U.S.-China trade war have taken a big bite from the sector. U.S. manufacturing activity slowed to a nearly three-year low in July, based on data from the Institute for Supply Management.
But this fresh survey showed new orders received by manufacturers dropped the most in 10 years, while the data also showed export sales tanked to the lowest level since August 2009.
Investors track PMI readings to get early indicators as to where the economy is headed. After the Markit reading, stocks fell and the yield curve inverted.
“The most concerning aspect of the latest data is a slowdown in new business growth to its weakest in a decade, driven by a sharp loss of momentum across the service sector,” Moore said. “Survey respondents commented on a headwind from subdued corporate spending as softer growth expectations at home and internationally encouraged tighter budget setting.”
Manufacturers continued to reduce their inventories this month, which was mainly attributed to concerns about the demand outlook, according to Markit.
The overall economy is still showing a slight expansion because of help from the service industry. U.S. overall business activity growth also fell to a three-month low as the seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index dropped to 50.9 in August, signalling a “renewed slowdown” in the rate of U.S. private sector business activity growth, Markit said.
There are several readings of manufacturing activities coming next week with the Dallas Fed sentiment data on Monday and Chicago PMI on Aug. 30.
"There is no question former President Trump bears moral responsibility. His supporters stormed the Capitol because of the unhinged falsehoods he shouted into the world’s largest megaphone," McConnell wrote. "His behavior during and after the chaos was also unconscionable, from attacking Vice President Mike Pence during the riot to praising the criminals after it ended."
I'm tired of all this "winning".
Guno צְבִי (08-22-2019), LV426 (08-22-2019)
Lately I have been wondering if the dropping gas prices are a possible indicator of a coming recession.
Fewer manufacturing orders, means fewer trucks on the road, less demand for fuel. The trucking industry is already in recession.
Drilling, pumping and refining have all been running high, but now there is less demand, so prices have been dropping. The more that continues, the more people in the oil and gas business begin to lose jobs.
Loss of manufacturing jobs, less driving all sounds like things slowing down. The economy is slowing down. How much will it slow? Wall Street is jittery. We've had plenty of these big scare days when everything plummets. Each time it comes back up within a day or so, but what if it doesn't?
The biggest intangible in all this is confidence. Trump has married himself to the DOW, and Trump is pretty unpredictable. The economy wants confidence to make long term investments, so without that confidence, those investments are not being made. The DOW is just as erratic as Trump. Trump has made big plunges before, going bankrupt numerous times. Panic could set in.
Rising gas prices indicate confidence. Falling gas prices indicate the opposite. Possibly a recession.
Personal Ignore Policy PIP: I like civil discourse. I will give you all the respect in the world if you respect me. Mouth off to me, or express overt racism, you will be PERMANENTLY Ignore Listed. Zero tolerance. No exceptions. I'll never read a word you write, even if quoted by another, nor respond to you, nor participate in your threads. ... Ignore the shallow. Cherish the thoughtful. Long Live Civil Discourse, Mutual Respect, and Good Debate! ps: Feel free to adopt my PIP. It works well.
Earl (08-23-2019)
"When government fears the people, there is liberty. When the people fear the government, there is tyranny."
A lie doesn't become the truth, wrong doesn't become right, and evil doesn't become good just because it is accepted by a majority.
Author: Booker T. Washington
Earl (08-23-2019)
This just In::: Trump indicted for living in liberals heads and not paying RENT
C̶N̶N̶ SNN.... Shithole News Network
Trump Is Coming back to a White House Near you
Earl (08-23-2019), Truth Detector (08-22-2019)
When I die, turn me into a brick and use me to cave in the skull of a fascist
Earl (08-23-2019)
John Barron (08-22-2019)
whatever you say
good luck
This just In::: Trump indicted for living in liberals heads and not paying RENT
C̶N̶N̶ SNN.... Shithole News Network
Trump Is Coming back to a White House Near you
Earl (08-23-2019), Truth Detector (08-22-2019)
"When government fears the people, there is liberty. When the people fear the government, there is tyranny."
A lie doesn't become the truth, wrong doesn't become right, and evil doesn't become good just because it is accepted by a majority.
Author: Booker T. Washington
Earl (08-23-2019)
There was a huge drop in oil prices when the genius announced the additional 10% tariff tax on Americans......
& the speculators were correct about the slowing world economies.. If they are slowling down-oil consumption goes down........
Having the genius going around every day assuring everyone we are not going into a recession is not helpful nor a good sales tactic as any marketing 101 student can tell you......
"There is no question former President Trump bears moral responsibility. His supporters stormed the Capitol because of the unhinged falsehoods he shouted into the world’s largest megaphone," McConnell wrote. "His behavior during and after the chaos was also unconscionable, from attacking Vice President Mike Pence during the riot to praising the criminals after it ended."
Earl (08-23-2019), Truth Detector (08-23-2019)
Personal Ignore Policy PIP: I like civil discourse. I will give you all the respect in the world if you respect me. Mouth off to me, or express overt racism, you will be PERMANENTLY Ignore Listed. Zero tolerance. No exceptions. I'll never read a word you write, even if quoted by another, nor respond to you, nor participate in your threads. ... Ignore the shallow. Cherish the thoughtful. Long Live Civil Discourse, Mutual Respect, and Good Debate! ps: Feel free to adopt my PIP. It works well.
Earl (08-23-2019)
"There is no question former President Trump bears moral responsibility. His supporters stormed the Capitol because of the unhinged falsehoods he shouted into the world’s largest megaphone," McConnell wrote. "His behavior during and after the chaos was also unconscionable, from attacking Vice President Mike Pence during the riot to praising the criminals after it ended."
I just hope he does not wag the dog during the campaign...........
"There is no question former President Trump bears moral responsibility. His supporters stormed the Capitol because of the unhinged falsehoods he shouted into the world’s largest megaphone," McConnell wrote. "His behavior during and after the chaos was also unconscionable, from attacking Vice President Mike Pence during the riot to praising the criminals after it ended."
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