Manufacturing Hits 26 Year Low: Prognosis Negative

Discussion in 'Economics' started by ByLoSellHi, Nov 3, 2008.

  1. Smoke 'em if you got 'em, boyzzzz.

    Don't fret too much, though, because although any sane person would believe there's going to be a long, barren period of anemic economic activity (likely contraction like we haven't seen in decades as more jobs are shed), stock_tr3der knows how stocks 'werk.'

    UPDATE 1-U.S. manufacturing crashes to 26-year low in Oct
    2008-11-03 15:25:13 GMT (Reuters)

    NEW YORK, Nov 3 (Reuters) -
    U.S. factory activity contracted sharply in October, falling to its lowest in 26 years as the financial crisis ravaged the world's largest economy, an industry report showed on Monday.

    "Pretty grim. It means we're in a recession, it's as simple as that ... a pretty solid manufacturing recession," said Robert Macintosh, chief economist at Eaton Vance Corp in Boston, adding:

    "... The question is how long or deep is it going to be? Where is this group of economists that is charged with declaring a recession? Why haven't they said anything?"

    The Institute for Supply Management said its index of national factory activity fell to 38.9 in October from 43.5 in September. The level of 50 separates contraction from expansion, and a reading below 40 is exceptionally weak.

    On Wall Street, stocks briefly turned lower after the weaker-than-expected data, while the dollar trimmed its gains versus the yen.

    Economists had expected a reading of 41.5, according to the median of forecasts in a Reuters poll.

    The report was uniformly weak, and employment in the sector was dismal. The ISM's gauge of employment fell to its lowest since March 1991 and suffered its biggest one-month drop in 20 years.

    The data foreshadowed a grim outlook, with the index of new orders hitting its lowest since 1980. (Reporting by Burton Frierson; Editing by James Dalgleish)
  2. Thanks for NAFTA and GATT, you fucking pricks. You have your money, now what the hell are the rest of us supposed to do? Rhetorical question...
  3. Not a big deal. Market is up, and surging. No one cares because America isn;t a manufacturing nation any more. We're a service and high tech nation.
  4. Fah Q

    Fah Q

    Surging?? Me thinks not

  5. jjf


    You left all of us with the impression that you traded for a living.
  6. I also love my country. Don't you?
  7. jjf


    absolutely, but to which country are you referring.

    assumptions hold no place in the lives of real Traders
  8. A little help:

    1. Most ET traders are in America.
    2. NAFTA inarguably screwed the USA more than anayone else.
    3. GATT screwed many nations, the USA among them.

    Need more help? Press F1.