U.S. manufacturing plunges; largest decline since 9/11


The U.S. manufacturing sector has been a big driver of the supposed economic recovery that supposedly began in mid-2009. But the Wall Street Journal reports today that, for the first time in three years, U.S. manufacturing has plunged to an index of 49.7 in June after sitting at 53.5 in May.
An index below 50 indicates the manufacturing sector is not only slowing but contracting.
John Nolte of Breitbart.com writes that RDQ Economics reports that this is the largest manufacturing decline since 9/11 and the second largest since the worst of the Carter Recession in 1980.
This coming Friday, jobs numbers for the month of June will be released, and early signs do not look promising. On Thursday, we learned that the GDP had plunged from 3.0% in the previous quarter to 1.9%. Initial unemployment claims have also creeped back towards the dreaded 400,000 mark — 386,000 last week; 392,000 the week prior.
Add to this other reports of U.S. exports being much weaker than originally thought earlier this year, as well as shrinking corporate profits from abroad, and the overall picture that emerges is of an economy in trouble.
3½ years into his presidency, Obama the POS can no longer blame Bush. The POS now owns it. This is now Obama’s economy.
And the Supreme Court’s bizarre ruling on Obamacare — which the Congressional Budget Office now estimates will cost a staggering $1.76 trillion over the next 10 years — will only make a deteriorating contracting economy even worse.
~Eowyn

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DCG
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Hopeandchange baby!
My dad spoke w/his financial advisor last week asking what’s good to invest in right now. His answer: nothing.

joandarc
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joandarc

Thank you Dr.Eowyn for this informative post. Wow, the king is attempting to destroy this country through our economic system and through the ever thriving abortion industry. And now, OBAMATAX! All the more reason to elect a new president who values the Constitution, our life, liberty and the pursuit of happiness! Now’s the time to fight!!!

moxielouise
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This is my husband’s first day of retirement. Whoopie.

Michael Thomas
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Michael Thomas

The main reason for loss of mfg. jobs here is the willingness of both parties to support ‘free trade,’ i.e. tearing down of tariffs etc. for countries like China that aren’t free. Thus, their lowpaid and abused labor, which cannot freely organize, produces lower priced products which everyone buys at Walmart etc. Why all the anger against Obama? And you think Romney is going to save us? He is ecstatic about profiteering from investments in Chinese companies etc. The only recent candidates that have made any sense are Kucinich on the left and Buchanan on the right. The rest are… Read more »

DCG
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Anger against Obama? Let me give you a few reasons why… 1) I haven’t had a raise since he was elected. 2) He’s spent more money than any other president with dismal results. The majority of the money spent went to his cronies at green companies and the unions. 3) His DOJ won’t support a state with a right to protect their borders. 4) Illegal amnesty (illegal alien voter program). 5) Fast and furious. 6) Drones galore. 7) Obamatax. 8) The Apologize for America Tour. 9) NASA as a Muslim outreach agency. 10) Claims the WOT is over yet won’t… Read more »

Anonymous
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Anonymous

MNCs… the same ones who donated heavily to the Democrats?

lowtechgrannie lowtechgrannie
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lowtechgrannie lowtechgrannie

Local news reported new orders for Boeing commercial aircraft are way, way down.

josephbc69
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Commercial orders, yes, but the military ones are doing pretty well now and for quite some time into the future. We are very near Orwell’s division of geopolitics into three huge factions continually at war.
The sense of what I got from Michael Thomas’s remarks is that he doesn’t favour either major party, because both subscribe to economic policies that ceaselessly work against the entire nation. “The only recent candidates that have made any sense are Kucinich on the left and Buchanan on the right. The rest are pro-multinational-corporation sheep.” That statement sounds pretty balanced to me.

TrailDust
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2 Chronicles 7:14
“If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land.”

igor
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igor

obama the east coast goes without power the west coast is on fire and gas prices are sky high and the most inept administration in us history mumbles and stumbles along blaming and blaming end this zombieaucracy anyone but obama omg.. obama must go.

edward oleander
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edward oleander

You speak of Obama trying to irrationally blame others, but then you blame Obama for the **weather**??? Um…