US manufacturing plunges deeper into recession
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New York (CNN Business)America’s manufacturing downturn isn’t letting up. Factory activity contracted for the fifth consecutive month in December, registering a worse drop than expected.
The Institute of Supply Management’s manufacturing purchasing managers’ index logged its lowest level since June 2009 at 47.2, compared with the consensus forecast of 49. It stood at 48.1 in November. Any number below 50 denotes a contraction.
Uncertainties surrounding the US-China trade war weighed on the sector last year. And while Washington and Beijing stand to sign a preliminary trade deal on January 15, economic data from December was still deflated because of the spat.
“Global trade remains the most significant cross-industry issue, but there are signs that several industry sectors will improve as a result of the ‘phase one’ trade agreement between the US and China,” said Timothy Fiore, chair of the ISM manufacturing business survey committee.
January 4, 2020 at 9:29 PM #246520Ohio BarbarianModerator
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That’s not news in Ohio, for many it’s more like a way of life spiraling ever downwards.
It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs
Show me a man that gets rich by being a politician, and I'll show you a crook.--Harry Truman
January 4, 2020 at 10:25 PM #246534jwirrParticipant
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What do they expect when they keep cutting the money from people who need it to buy the products we expect them to buy. Food stamps, school lunches, etc. go to buy things most made in this country. If they keep this up it is only going to get worse and I do not feel sorry for them at all. We once had a safety net that allowed everyone to be part of the economy. Them more they cut that away the less money is out there. Wasn’t it Henry Ford who first recognized that if the people making his product couldn’t buy it he couldn’t afford to make them?
January 6, 2020 at 7:10 PM #247290Populist ProleParticipant
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That’s the culmination of the corporatist’s narrative whereby the citizen has been replaced by “the consumer” as to who all the cogs are in the great big wheel. This spin has been so drum-beaten into the pols and media’s heads that the assumption was that “the consumer” can/will/always exist, even in a vacuum.
It’s just that they’ve been so successful in brushing aside the reality that “consumers” themselves need to be nourished in order to consume. The media fights this assertion hammer and tongs.
January 11, 2020 at 2:57 PM #249202SorechasmParticipant
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Richard Wolfe and Tom Hartman explained quite succinctly that FDR provided $ to the consumers (the purchasers) to get the economy going strong for 50 years. By contrast, Reagan chose to manipulate the Federal Reserve, which is currently pumping over $4T into our economy to keep it from feeling the true pain, like death bed patient on morphine. Accordingly, when the economy crashes, it’s going to go down badly.
“Go and tell Alexander that God the Supreme King is never the Author of insolent wrong, but is the Creator of light, of peace, of life, of water, of the body of man and of souls;...what Alexander offers and the gifts he promises are things to me utterly useless;..." Dandamis, a great sannyasi of Taxila.Excerpt From: Yogananda, Paramahansa. “Autobiography of a Yogi.”
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