this is indeed a horrible number and the lowest since october of 2001. i just cannot see how wall street paints a rosey picture out of this one.
finally, for all of you friggin' non-realists who thought our economy wouldn't see a drastic slowdown / recession despite all of the absurdly negative happenings - this is the beginning of what will be insurmountable evidence.
thats why i started the post. if you look at the ISM manufacturing number that came out the other day,ypu would have assumed everything was just fine. whats funny is that although manufacturing was the focus,it was non manufacturing that everyone thought was somewhat safe and man did that sector get whacked with todays number. i would also venture to guess that the strong manufacturing number was nothing more than an abberation.
>>New Composite Today's report included a new composite index to reflect changes in current measures of business activity, new orders, employment and supplier deliveries. The contribution from each sub-index is equal. >> http://www.bloomberg.com/apps/news?pid=20601103&sid=aGaC.HuMjA7w&refer=us Maybe they finally changed the weights to reflect actual services activity...
Strong manufacturing makes logical sense with our weak dollar. The service figure was expected to be weak (albeit, not this weak)
either way,this was avery bad report. bear markets are notorious for coming up with a surprsiningly strong number every now and then which always proves to be a very short lives.thats what i think the manufacturing number was despite the weak dollar helping out.i continue to believe manufacturing will fall under 50 very soon .
Dude, it wasn't a strong number last week for ISM.. it just wasn't miserable... we bounced above 50 again, but even a monkey knows that's only temporary... we have lost over 7 million manufacturing jobs over the last 7 years... take it to the bank.. the US is a fat, consuming nation that produces virtually nothing...