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Recession Indicator: Manufacturing sector contracts for the first time in a Decade

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Warning signs keep piling up that the American economy is slowing down, if not headed for an outright recession.

 

CNBC reports that IHS Markit’s U.S. manufacturing purchasing managers index this month contracted for the first time since September 2009.

 

“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,” CNBC reports.

 

 

A major reason for the drop in manufacturing orders has been President Donald Trump’s trade war with China, which has raised the prices of raw materials such as steel and aluminum that are used for manufacturing goods.

 

 

Additionally, IHS Markit economics associate director Tim Moore says that this manufacturing slump is impacting the service economy as well.

 

“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 explains. “Survey respondents commented on a headwind from subdued corporate spending as softer growth expectations at home and internationally encouraged tighter budget setting.”

 

The U.S. Treasury bond yield curve also inverted once again on Thursday, which means that interest rates for 10-year treasury bonds were lower than interest rates for 2-year bonds. In the past, an inverted yield curve has been a key sign of a coming economic recession.

 

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The worst economic depression in the history of the industrial age is coming, courtesy of the Donald J. Trump ( the J is for jenius) very stable business genius

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Donald Trump’s tax cut was even worse than we thought

From the moment it was proposed, the Republicans’ 2017 tax cut law was criticized for benefiting corporations and wealthy Americans. doing comparatively little for low-income Americans, and needlessly blowing a hole in the federal deficit.

 

About a year and a half since its passage, the criticisms are looking apt. And none of the supposed benefits promised by Republicans — moderate and extremist alike — have materialized. No boom in business investment, no supercharged wages, and no phenomenal jobs growth.

 

In fact, as new data from the Bureau of Labor Statistics reveal, the Tax Cuts and Jobs Act appears to have done even less on the “jobs” side of the equation than we previously thought.

 

 

This week the bureau announced that it has revised its estimates for the state of U.S. employment in 2018 downward by about 500,000 jobs. That doesn’t mean people had jobs and lost them — it just reflects the fact that statistical analysis usually involves a margin of error, and in this case the bureau overestimated the number of jobs added to the economy in the past year. An error of 500,000 is relatively large for a revision, but not unheard of, and it doesn’t suggest any egregious mistakes or nefarious dealings.

 

 

It does mean, however, that the United States in 2018 averaged about 200,000 new jobs a month, down from an estimated 223,000 jobs. The economy was secretly slumping, but it wasn’t quite as strong as we thought.

And while normally this wouldn’t mean a whole lot, it does have serious implications for the Tax Cuts and Jobs Act.

 

Despite its myriad problems, one of the positive claims you could credibly make about the law is that it provided a temporary boost to the economy shortly after it was enacted. This would be a real benefit to the workers who got a hired or got raises because of this boost, even if the size and broader effects of the tax cut still made it regrettable.

 

But the new data reveals that even this supposed, temporary boost — a “sugar high,” some called it — appears to have been largely illusory.

 

This comes on top of the recent revelation that, despite prior reports, the economy didn’t grow at a rate of 3 percent in 2018, as President Donald Trump had boasted. The Wall Street Journal reported:

Mr. Trump has touted the prior estimates of economic and job growth in 2018 as a sign that his economic policies—including a 2017 tax cut—were giving the economy a boost after years of lackluster growth. The revised figures show his goal of 3% growth wasn’t achieved in 2018 and that the tax overhaul may have had a smaller short-term impact than his administration previously thought.

Meanwhile, the tax cut is projected to add trillions to the debt over the next decade, despite the fact the Republicans promised it would pay for itself. More recent budget negotiations have also led to an even greater projected deficit in the coming years. While the deficit itself is not necessarily a problem, Republicans will no doubt use it as a bludgeon and a scare tactic as soon as Democrats hold the White House once again. And spending borrowed money on pointless tax cuts while truly needy Americans go wanting exposes the United States as a country that has clearly lost its way.

 

24342246127_988d28db94_o-1024x473.jpg

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1 hour ago, benson13 said:

Thumbnail

 

The worst economic depression in the history of the industrial age is coming, courtesy of the Donald J. Trump ( the J is for jenius) very stable business genius

 

Socialism will starve the world, restricted speech, forgotten history.

 

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Hey.....rushTheDruggie....the guy that has gotten FIRED from EVERY JOB HE'S EVER HELD...

 

 

EXCEPT....rightwing Propaganda Hate radio Whore for Uneducated Morons

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1 hour ago, benson13 said:

...Trump’s trade war with China, which has raised the prices of raw materials such as steel and aluminum that are used for manufacturing goods.

 

What about the price of heart MEDs for ultraliberals who now have to much stress hormones like adrenaline, norepinephrine and cortisol caused by TDS ?

 

trump%20nad%20mkay_zpsj97evuxh.jpg

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19 minutes ago, Old Mack said:

 

What about the price of heart MEDs for ultraliberals who now have to much stress hormones like adrenaline, norepinephrine and cortisol caused by TDS ?

 

trump%20nad%20mkay_zpsj97evuxh.jpg

 

i mixed up 5 different herbs for a heart formula, pill, garlic powder, hawthorn powder, bilberry powder ginkgo powder and mothers wart powder, about $20.00 a year, Mothers wort will put you to sleep, take at night, sleep is good for the heart.

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28 minutes ago, benson13 said:

Hey.....rushTheDruggie....the guy that has gotten FIRED from EVERY JOB HE'S EVER HELD...

 

 

EXCEPT....rightwing Propaganda Hate radio Whore for Uneducated Morons

 

  TV programing leading to circular us against them thought patterns,, new lower tax on self employment.

 

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1 hour ago, benson13 said:

Donald Trump’s tax cut was even worse than we thought

From the moment it was proposed, the Republicans’ 2017 tax cut law was criticized for benefiting corporations and wealthy Americans. doing comparatively little for low-income Americans, and needlessly blowing a hole in the federal deficit.

 

About a year and a half since its passage, the criticisms are looking apt. And none of the supposed benefits promised by Republicans — moderate and extremist alike — have materialized. No boom in business investment, no supercharged wages, and no phenomenal jobs growth.

 

In fact, as new data from the Bureau of Labor Statistics reveal, the Tax Cuts and Jobs Act appears to have done even less on the “jobs” side of the equation than we previously thought.

 

 

This week the bureau announced that it has revised its estimates for the state of U.S. employment in 2018 downward by about 500,000 jobs. That doesn’t mean people had jobs and lost them — it just reflects the fact that statistical analysis usually involves a margin of error, and in this case the bureau overestimated the number of jobs added to the economy in the past year. An error of 500,000 is relatively large for a revision, but not unheard of, and it doesn’t suggest any egregious mistakes or nefarious dealings.

 

 

It does mean, however, that the United States in 2018 averaged about 200,000 new jobs a month, down from an estimated 223,000 jobs. The economy was secretly slumping, but it wasn’t quite as strong as we thought.

And while normally this wouldn’t mean a whole lot, it does have serious implications for the Tax Cuts and Jobs Act.

 

Despite its myriad problems, one of the positive claims you could credibly make about the law is that it provided a temporary boost to the economy shortly after it was enacted. This would be a real benefit to the workers who got a hired or got raises because of this boost, even if the size and broader effects of the tax cut still made it regrettable.

 

But the new data reveals that even this supposed, temporary boost — a “sugar high,” some called it — appears to have been largely illusory.

 

This comes on top of the recent revelation that, despite prior reports, the economy didn’t grow at a rate of 3 percent in 2018, as President Donald Trump had boasted. The Wall Street Journal reported:

Mr. Trump has touted the prior estimates of economic and job growth in 2018 as a sign that his economic policies—including a 2017 tax cut—were giving the economy a boost after years of lackluster growth. The revised figures show his goal of 3% growth wasn’t achieved in 2018 and that the tax overhaul may have had a smaller short-term impact than his administration previously thought.

Meanwhile, the tax cut is projected to add trillions to the debt over the next decade, despite the fact the Republicans promised it would pay for itself. More recent budget negotiations have also led to an even greater projected deficit in the coming years. While the deficit itself is not necessarily a problem, Republicans will no doubt use it as a bludgeon and a scare tactic as soon as Democrats hold the White House once again. And spending borrowed money on pointless tax cuts while truly needy Americans go wanting exposes the United States as a country that has clearly lost its way.

 

24342246127_988d28db94_o-1024x473.jpg

Uh, low income Americans get FULL REFUNDS and then some.

 

Why would we target Americans who end up paying ZERO federal income taxes?????

 

We're at full employment. 

 

Our economy is slowing because the economies around the world have been slowing, DUH. 

 

IDIOTS....

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3 minutes ago, DeepBreath said:

Uh, low income Americans get FULL REFUNDS and then some.

 

Why would we target Americans who end up paying ZERO federal income taxes?????

 

We're at full employment. 

 

Our economy is slowing because the economies around the world have been slowing, DUH. 

 

IDIOTS....

 

These EVIL BASTARDS are more than willing to throw America into a recession or depression if it means that THEY GET POWER.

 

So they are BEGGING for one and talking one up in HOPES that it happens.

 

They hate AMERICA that much.

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meanwhile....the redneck states ARE STILL living off the Blue States/Gov't 

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9 minutes ago, MidnightMax said:

 

These EVIL BASTARDS are more than willing to throw America into a recession or depression if it means that THEY GET POWER.

 

So they are BEGGING for one and talking one up in HOPES that it happens.

 

They hate AMERICA that much.

Yep. Don't hear much about impeachment anymore, do you? 🤣

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