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Chicago PMI Plunges To 52.7, Lowest Print Since September 2009

Tyler Durden's picture





 

The latest economic data point comes out, which is the Chicago PMI, not to be confused with the meaninglessly duplicate MarkIt ISM Manufacturing PMI which was released earlier this month, and sure enough it confirms once again we are on a full glideslope to more QE. At 52.7, it collapsed from the prior print of 56.8, and missing expectations of 56.2. This was the lowest print since September of 2009. And scene. NEW QE is now 100% assured.

Digging through the numbers: 

  • Production and New Orders lowest since September 2009
  • Prices Paid lowest since September 2010, Employment rate of growth has slowed

Charting the near-recessionary print:

which is the largest 3 month drop since December 2008...

Again - freefall, and the ISM is next:

And as usual, the always informative respondents:

  1. There is a strong economic uncertainty at this time. There is considerable inflationary pressure.
  2. Our orders are staying pretty steady, but our backlog only takes us through the end of June.
  3. Business is slowing down right now. We had a decent first quarter but its gotten quiet.
  4. A decrease in order intake and backlog over the past three months has caused our first workforce reductions since the Carter years.
  5. China inflation is kicking in for our business starting in the second quarter. Canadian business is flat but US seems solid.
  6. Uncertainty, volatility and speculation rule the raw material pricing market. This is having significant impact on our ability to compete, reinvest, and grow our business.
  7. Aluminum products sales remain at record levels.
  8. Business opportunities seem to be picking up but their continues to be a lot of financial stress on smaller firms. These firms seem reluctant to take on more debt.
  9. New orders have slowed but outlook remains good because of quote volume and size of projects being quoted.
  10. Pricing instability being experienced in rubber and thermoforming - resins. All other areas fairly quiet. 
  11. And the best one: "Slowing down."

QED

 


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Thu, 05/31/2012 - 09:49 | Link to Comment CClarity
CClarity's picture

More confirmation that without medication this economy can't grow - there has been no organic growth in years.  Just CB manipulation.

Thu, 05/31/2012 - 09:52 | Link to Comment slaughterer
slaughterer's picture

"And scene. NEW QE is now 100% assured."

WHEN master?  (This crack addict market is jonesing bad.)

Thu, 05/31/2012 - 09:57 | Link to Comment SHEEPFUKKER
SHEEPFUKKER's picture

100% guarantee or your money back. 

Thu, 05/31/2012 - 10:00 | Link to Comment SHEEPFUKKER
SHEEPFUKKER's picture

Fuck, how is that gold/silver raid just now. Really, this shit.........again?? 

Thu, 05/31/2012 - 10:10 | Link to Comment slaughterer
slaughterer's picture

YUP, THIS SHIT again.   It's called the PM liquidation for liquidity projectile vomit.  

Thu, 05/31/2012 - 10:15 | Link to Comment nope-1004
nope-1004's picture

Or, more logically, JPM has a direct line to the Fed and knew in advance what the numbers were so were instructed to take PM's down.  Happens all the time.  "Raid" is so verbose.  It's ponzinomics, Benocide style.

 

Thu, 05/31/2012 - 10:17 | Link to Comment Quinvarius
Quinvarius's picture

It is in no way someone selling gold they own to raise money.

Thu, 05/31/2012 - 10:15 | Link to Comment Quinvarius
Quinvarius's picture

If they have to try this hard, this often, there is obviously a massive paper currency problem.  The more they play this desperation hand, the more worried I am about the currency system.

Thu, 05/31/2012 - 10:08 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

No need for Bernanke to buy bonds.  Rates are already plenty low.  There is no dearth of demand for them or rates would not be that low.

Additionally, the S&P is up about 3% YTD.  What's the problem?

 

Thu, 05/31/2012 - 10:11 | Link to Comment Caviar Emptor
Caviar Emptor's picture

You don't get it. The purpose of "buying bonds" is to pass money under the table to WS and other insiders. And you and me are supposed to lick up whatever come's trickling down 

Thu, 05/31/2012 - 10:11 | Link to Comment tmosley
tmosley's picture

The "demand" is coming from central banks reciprocal buying and Fed purchases under the table.  If they can stop deflation by bringing those purchases above board, or by adding new purchases above board (even better!), then they will probably do that.

Of course, this is all deck chairs on the Titanic.  Or perhaps more appropriately, iceburg bumper cars after the initial hit on the Titanic.

Thu, 05/31/2012 - 10:28 | Link to Comment BlandJoe24
BlandJoe24's picture

"They" may not actually want to stop deflation as it will tend to put a select few in extreme economic power.

Thu, 05/31/2012 - 10:12 | Link to Comment nope-1004
nope-1004's picture

Hope you're being sarcastic, because rates are low due to JPM's manipulation of TNX through interest rate swaps.  JPM is the Fed.  What you see is not real.

 

Thu, 05/31/2012 - 10:09 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Dear Ben: If you start signaling QE is coming (in your incomparably sly way, you master of the art you), then I promise to fully refresh all my old i-crap with new i-crap. Wink Wink!!!

Thu, 05/31/2012 - 10:19 | Link to Comment BlandJoe24
BlandJoe24's picture

Yes - When? When? When? When? When?

QE now will not last into the Fall.  S&P (still) up for the year.  Europe/banks bad now ("help!") , but likely worse later ("HELP!!!")

So, When?

or When now and When AGAIN?!?

Thu, 05/31/2012 - 09:59 | Link to Comment duo
duo's picture

HP (former EDS) laying off several thousand and JCPenney walking out 600 buyers and ad people in the last two months is going to leave a dent in the N. TX economy (which had been sailing along over the last few years). 

The electronics distributor in my building, a 20-year-old company with 8 people, already told their employees that they will be closing for good EOY.  Margins are too thin to survive Obamacare and taxageddon, the owner says.  They will be vacating the building and working from home until the end.

Thu, 05/31/2012 - 10:19 | Link to Comment Arnold Ziffel
Arnold Ziffel's picture

Saxon Mortgage has announced more than 600 pending job cuts in North Texas.

Saxon manages home loan payments across the United States.

It is shutting down facilities in Fort Worth and Irving.

The company said between May and December 454 workers in Fort Worth and another 226 in Irving could lose their jobs.

 

http://www.wfaa.com/news/local/Saxon-Mortgage-announces-600-North-Texas-...

 

My brother lives in Hurst...he says airport construction is strong (if you want to work outside in 110 degree heat) for jobs but most other companies/stores are contracting.

Thu, 05/31/2012 - 10:29 | Link to Comment duo
duo's picture

Is this the place where my mortgage payments disappear to?

Thu, 05/31/2012 - 10:25 | Link to Comment Arnold Ziffel
Arnold Ziffel's picture

The slumping personal computer business was hit by more bad news as Dell Computer Corp. executives announced another round of layoffs, this time cutting 3,000 to 4,000 jobs.

Round Rock, Texas-based Dell, the world's largest PC manufacturer, said Mon … the latest cuts would occur over the next six months, and mostly in central Texas. Many employees who escape layoffs will be forced to take unpaid time off, the company said.

 

http://abcnews.go.com/Business/story?id=88223&page=1#.T8d-08Vti00

Thu, 05/31/2012 - 10:30 | Link to Comment duo
duo's picture

But Apple will hire a few of those people and pay them half as much.

Thu, 05/31/2012 - 13:01 | Link to Comment Iam_Silverman
Iam_Silverman's picture

"But Apple will hire a few of those people and pay them half as much."

I wonder - do they pay for relocation to the FoxConn (Hon Hai) facilities in China, or is that cost to be borne by the expats?

Thu, 05/31/2012 - 10:08 | Link to Comment Gully Foyle
Gully Foyle's picture

http://www.cnbc.com/id/47614988

t should not come as a surprise with unemployment over 8% that good paying jobs in manufacturing are harder than ever to land.

 At the Hyundai plant in Montgomery, Alabama more than 20,000 people have applied for one of the 877 job openings.

The surge of people applying may seem unusual, but it's not.

Take a look:

  • Last summer Ford had more than 18,000 people apply for one of 1,800 jobs at the retooled Louisville plant. That plant will open and start building the Edge SUV in mid-June.
  • In 2011, more than 41,000 applied for one of the 1,300 positions at the new Toyota plant in Tupelo, Mississippi.
  • In 2009, more than 65,000 applied for one of the 2,700 jobs at the new Volkswagen plant in Chattanooga, TN. Since opening, that plant has added shifts and is currently hiring another 820 workers.

There's no doubt the recession and the fact so many Americans are still out of work was the primary factor driving the waves of people applying for jobs at auto plants.

Another huge factor is the type of jobs being offered. Good pay and benefits with solid companies in an industry set for steady growth over the next 3-5 years. Those jobs are hard to find in blue-collar America. 

( I see no mention of temp auto jobs. Cummins maintains a healthy temp staff, not as great a package as the fulltimers, and they have had their package reduced from the 80's, but hey better than min wage)
Thu, 05/31/2012 - 09:49 | Link to Comment ShortTheUS
ShortTheUS's picture

NEW QE is now 100% assured.

 

Free money. Yay!

Thu, 05/31/2012 - 09:50 | Link to Comment Quintus
Quintus's picture

"NEW QE is now 100% assured."

 

It always has been.  Question is 'When'?

Thu, 05/31/2012 - 09:54 | Link to Comment junkyardjack
junkyardjack's picture

Not while equities are pushing all time highs, I can bet that...

Thu, 05/31/2012 - 09:55 | Link to Comment RiverRoad
RiverRoad's picture

Timed for Obama's reelection.

Thu, 05/31/2012 - 09:57 | Link to Comment Waffen
Waffen's picture

Agreed. One must be very careful assuming the fed has no other bullets in the gun.

QE will happen, but when?

Thu, 05/31/2012 - 09:57 | Link to Comment eclectic syncretist
eclectic syncretist's picture

The situation forces the fact that the Federal Reserve is an unconstitutional arm of the US government before the public eye.

It also emphasizes the symbiotic relationship between big banks and politicians, and their parasitic relationship with ordinary citizens.  The situation cannot persist, and the end is in sight.

Thu, 05/31/2012 - 10:01 | Link to Comment Sockeye
Sockeye's picture

QE hasn't worked yet, why expect more of the same? Hope for money drops (literally) might be better placed.

Thu, 05/31/2012 - 10:19 | Link to Comment bdc63
bdc63's picture

that depends how you define "worked" ... if all you are trying to do is keep the illusion alive a little longer so that the insider powerful and wealthy can get powerful-er and wealthier, then it has worked.  Quite well actually.

Thu, 05/31/2012 - 09:50 | Link to Comment WonderDawg
WonderDawg's picture

Finally, we can quit speculating on New QE, after more than a year of relentless debate. The question is settled. We can move on. Whew!

Thu, 05/31/2012 - 09:50 | Link to Comment Dr. Engali
Dr. Engali's picture

Print Ben print! Put an end to this fucker with a big 10 trillion dollar exclamation point!

Thu, 05/31/2012 - 09:51 | Link to Comment nolla
nolla's picture

and some people are more equal than others.. European futures dropped 3 minutes before this info was out.

Or is this info sold to momos in advance - legally, I mean?

Thu, 05/31/2012 - 09:55 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Define "legally" please. Do you mean by way of "law"?

Or do you mean "law that will be enforced"?

Thu, 05/31/2012 - 10:15 | Link to Comment Dr. Engali
Dr. Engali's picture

Law? What is this law word that you speak of? Are you talking about rules like....we are not allowed to have a big gulp or venti coffee in New York?

Thu, 05/31/2012 - 10:00 | Link to Comment nolla
nolla's picture

I guess they sell UofM cons confidence numbers, you can ramp up and buy that info something like 5 minutes in advance. This...I've never heard, you know what I mean. Today's action seemed like a leak.

Thu, 05/31/2012 - 09:56 | Link to Comment DeadFred
DeadFred's picture

Some days on ZeroHedge are more equal than others.

Thu, 05/31/2012 - 09:51 | Link to Comment midgetrannyporn
midgetrannyporn's picture

More QE = more banker bling.

Thu, 05/31/2012 - 09:51 | Link to Comment Floordawg
Floordawg's picture

QE is assured... But when?

Timing is key.

Thu, 05/31/2012 - 09:52 | Link to Comment Spastica Rex
Spastica Rex's picture

100% chance something will happen.

Thu, 05/31/2012 - 10:02 | Link to Comment Floordawg
Floordawg's picture

Nice! and a 50% chance we'll all be RICH... or broke.

Thu, 05/31/2012 - 09:52 | Link to Comment kito
kito's picture

but tyler, i thought new qe was always 100% assured???

Thu, 05/31/2012 - 10:02 | Link to Comment tmosley
tmosley's picture

It has been.  This is additional QE on top of the behind the scenes QE and the twist QE.

Thu, 05/31/2012 - 12:39 | Link to Comment Spastica Rex
Spastica Rex's picture

Hi Kito - I owe you money; the USPS hasn't evaporated yet.

Thu, 05/31/2012 - 09:53 | Link to Comment the not so migh...
the not so mighty maximiza's picture

Hookers in the Hamptons , assured.

Thu, 05/31/2012 - 09:54 | Link to Comment slaughterer
slaughterer's picture

So, we have about 5 loyal ZH minions instantly asking the all-important question "When?"  Let's see a Tyler step into this pig farm to answer that $1trillion question.

Thu, 05/31/2012 - 09:57 | Link to Comment Sockeye
Sockeye's picture

Don't count your chickens before they hatch.

Thu, 05/31/2012 - 10:02 | Link to Comment eclectic syncretist
eclectic syncretist's picture

Well, as long as money is pouring into UStreasuries at this rate is there really any reason to announce the next round of notional cyber printing? 

 

After all, the 10-year yield isn't zero yet.

Thu, 05/31/2012 - 10:36 | Link to Comment cougar_w
cougar_w's picture

Not a Tyler. However I'll give my $.02.

Not before mid-June

But not after mid-July.

July 4th? That would be just too delicious. Think of all the liberties they could violate with another $2T in cash. They would say the money is to boost employment and secure America against terrorism, Obama needs both going into elections. And on the basis of that they'll spend $100M on shovel-ready "security theatre" projects.

Yeah. $100 million. Chump change. The groundlings will eat it up. Four more years, beotches.

Thu, 05/31/2012 - 09:54 | Link to Comment Village Smithy
Village Smithy's picture

PPT have opened the nozzle to full bore to hold this low. How much water do they have?

Thu, 05/31/2012 - 09:56 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

That depends upon how much "faith" and "belief" the average Joe has in the "system" because that's all that is holding this baby together.

Thu, 05/31/2012 - 09:57 | Link to Comment Stoploss
Stoploss's picture

Not enough, no auctions today or tomorrow.

Thu, 05/31/2012 - 09:56 | Link to Comment Ted Baker
Ted Baker's picture

A RUN IN MORGAN STANLEY COUD BE IMINENT IF SHARES CONTINUE PLUNGING

Thu, 05/31/2012 - 09:56 | Link to Comment j0nx
j0nx's picture

The People don't care. DWTS is on and beer is still available. Let's not forget about those zany housewives of Atlanta either. Morons. I guess people got more important shit to worry about than generational theft by banksters and politicians.

Thu, 05/31/2012 - 10:06 | Link to Comment LFMayor
LFMayor's picture

piss on it.  It's fake money anyway and even if they gave you the steering wheel, do you think you could keep it on the road at this point?  As for the sheep, you cannot save them yourself anyway, they have to step out all by theirselves.  Stack what tangibles you can and wait for the Big Game.

it's coming.

Thu, 05/31/2012 - 10:54 | Link to Comment cougar_w
cougar_w's picture

If you think the American people don't get it, then you are wrong.

They know what is happening and the American people will go along with all this because they think this is what is giving them gasoline at the pumps and jobs for their kids. They are wrong on both counts, but they don't know they are wrong. So long as they think that bankster theft is keeping the country alive somehow, they are okay with it.

The economy is like any other technology; once sufficiently advanced, it becomes indistinguishable from magic (to paraphrase A. C. Clarke)

Magical thinking got us here. Magical thinking will carry the day. And then magical thinking will fail because actually there was never any magic.

Thu, 05/31/2012 - 09:58 | Link to Comment MFL8240
MFL8240's picture

More proof that Bernanke is an idiot and has no idea what the hell he is doing.

Thu, 05/31/2012 - 10:03 | Link to Comment midgetrannyporn
midgetrannyporn's picture

One glance at Lord Blankcheck's personal account balances tells me that you are mistaken. ;)

Thu, 05/31/2012 - 10:04 | Link to Comment tmosley
tmosley's picture

Really?  Anyone can steal money when they have access.

Thu, 05/31/2012 - 10:07 | Link to Comment midgetrannyporn
midgetrannyporn's picture

MFL, whom I respect, wrote that Bernanke didn't know what he was doing. The bank maggots are still getting rich beyond the dreams of avarice and I believe that to be the goal of the fed so I would argue that the bernank knows exactly what he is doing.

Thu, 05/31/2012 - 09:58 | Link to Comment kralizec
kralizec's picture

I can see the light at the end of the tunnel...

Thu, 05/31/2012 - 09:59 | Link to Comment slaughterer
slaughterer's picture

Forget Obama.  Forget Romney.  I am voting only for candidate CTRL +P.

Thu, 05/31/2012 - 10:00 | Link to Comment vote_libertaria...
vote_libertarian_party's picture

Don't count your chickens before the cart.

 

yepper

Thu, 05/31/2012 - 10:01 | Link to Comment Shizzmoney
Shizzmoney's picture

The good news about exporting inflation?  At least the US is now starting to export something.

 

Thu, 05/31/2012 - 10:11 | Link to Comment Spastica Rex
Spastica Rex's picture

Your snark-fu is strong.

Thu, 05/31/2012 - 10:01 | Link to Comment lower98th
lower98th's picture

QE timing:  Who does Jamie want to be the Prez?  If Obama, QE mid summer.  If Romney, late fall.

Thu, 05/31/2012 - 10:01 | Link to Comment uncle_vito
uncle_vito's picture

No QE until after election.  Otherwise too obvious that Bernanke is an Obama supporter.

Thu, 05/31/2012 - 10:02 | Link to Comment slaughterer
slaughterer's picture

If Romney is elected, the Bernanke is OUT.  Don't you think the Bernanke wants another term?

Thu, 05/31/2012 - 10:04 | Link to Comment tmosley
tmosley's picture

What they say and what they do are often different, you see.

Thu, 05/31/2012 - 10:23 | Link to Comment jomama
jomama's picture

i'd want to be as far away from the guillotine as possible, if i were him.

Thu, 05/31/2012 - 10:01 | Link to Comment slaughterer
slaughterer's picture

OK, FaceFart down 2% already.  Time to break out another FaceTitanic Schadenfreude forum on ZH.  

Thu, 05/31/2012 - 10:01 | Link to Comment Davalicious
Davalicious's picture

The Fed will continue to resort to underhand QE. I am pretty sure they won't come out and actually admit this UNTIL we see a huge equities collapse. They will have to be "forced" into QE by public demand. They want to be seen as coming to the rescue. They don't want to continue to build a case against themselves.

 

Fuck Bernanke. I got my gold in the dip.

Thu, 05/31/2012 - 10:05 | Link to Comment midgetrannyporn
midgetrannyporn's picture

The public is largely out. The only people who care are the maggots and they will keep pushing the market lower until they get what they want. Extortion 101.

Thu, 05/31/2012 - 10:01 | Link to Comment Village Smithy
Village Smithy's picture

It makes me feel like puking when I see the volume rising but a candle just staying flat knowing that Blankfein is unloading millions of shares and my grandchildren (unborn as yet) are buying them.

Thu, 05/31/2012 - 10:02 | Link to Comment bnbdnb
bnbdnb's picture

Lookie its HnS again.

Thu, 05/31/2012 - 10:02 | Link to Comment q99x2
q99x2's picture

Keep them off the sauce too long and they are liable to get sober.

Thu, 05/31/2012 - 10:04 | Link to Comment stateside
stateside's picture

QE assured as gold takes a $20 dump in 5 minutes - somebody didn't get the memo.

stateside

Thu, 05/31/2012 - 10:13 | Link to Comment Dr. Engali
Dr. Engali's picture

Paper gold down gives Ben more printing cover.

Thu, 05/31/2012 - 10:06 | Link to Comment disabledvet
disabledvet's picture

And the Tylers' Durden meme of "default can be prevented" continues.

Thu, 05/31/2012 - 10:06 | Link to Comment Shizzmoney
Shizzmoney's picture

: Chicago biz barometer falls third straight month. Similar 3-mo streaks have preceded each of last 7 recessions.

Soemwhere, Lak over at EDI is fist bumping going, "See!  I told you motherfuckers!  You wouldn't listen!"

Thu, 05/31/2012 - 10:06 | Link to Comment paulbain
paulbain's picture

Tyler Durden wrote:

=========================

This was the lowest print since September of 2009. And scene. NEW QE is now 100% assured.

======================

I agree, but when is the FOMC actually going to begin QE3?? I am getting a little impatient. I suppose that FOMC will wait until SPX dips below 1250-1280, but I dunno. Any opinions?

-- Paul D. Bain

paulbain@pobox.com

 

 

 

Thu, 05/31/2012 - 10:07 | Link to Comment dingoj
dingoj's picture

the EU doesn't believe much in QE. Underwater again.

Thu, 05/31/2012 - 10:09 | Link to Comment semperfi
semperfi's picture

"NEW QE is now 100% assured."

Which is what EVERYONE thinks - we are at the top of the "NEW QE 100%" bubble.  Am I wrong?  Which is why its A GREAT TIME TO BET AGAINST THIS IDEA and make a shitwad of $$$$.

Thu, 05/31/2012 - 10:13 | Link to Comment theTribster
theTribster's picture

The fed has to be careful or they'll be considered political :) And they can't have this. I think another QE will have to happen sooner than later, end of June at the latest, but I think they are waiting for the Greek elections.

Thu, 05/31/2012 - 10:13 | Link to Comment slaughterer
slaughterer's picture

When TBT goes to 0.0001, then is the time for the NEW QE.  

Thu, 05/31/2012 - 10:18 | Link to Comment bbq on whitehou...
bbq on whitehouse lawn's picture

No QE until the commodity "speculation and inflation" are no longer reported as a problem.

  1. There is a strong economic uncertainty at this time. There is considerable inflationary pressure.
  2. China inflation is kicking in for our business starting in the second quarter. Canadian business is flat but US seems solid.
  3. Uncertainty, volatility and speculation rule the raw material pricing market. This is having significant impact on our ability to compete, reinvest, and grow our business.
  4. Aluminum products sales remain at record levels.
  5. Pricing instability being experienced in rubber and thermoforming - resins. All other areas fairly quiet.

 Inflationary pressures "margin squeese" lead to businesses laying off workers and businesses taking on less debt.

So no QE just more happy talk about how they see stress and will keep and eye on it.

The market may try to pump and dump before the fed meeting however. Bonds should rally, gold should fall and the world should turn untill Iran burns.

Happy trading.

Thu, 05/31/2012 - 10:19 | Link to Comment semperfi
semperfi's picture

DROPPING LIKE A TON OF BRICS:  RUBLE -2%  REAL -1%.  

Thu, 05/31/2012 - 10:23 | Link to Comment Stimulati
Stimulati's picture

QE is Milton Friedmanism.  It is destined to fail as a stimulant to the economy but it will make bankers very happy.

Thu, 05/31/2012 - 10:29 | Link to Comment adr
adr's picture

Manufacturing surveys are worthless in our financialization economy.

I have tried to find manufactures for many products in America and it is nearly impossible. Unless you are looking for rubber seals or automotive related components you are shit out of luck.

You would think you could find hundreds of suppliers to make a simple plastic box. Nope, almost impossible to find one. I did find a place but all of the plastic they bought came from China and they lacked the proper thermoform machine to make the round edges I needed. The price they finally quoted me was $75 per unit.

It is $5 to make it in China, and the corners were the proper radius. If it were $10 per unit I could have made it here but $75 was out of the question. The reply from the US factory was, "We just don't make things like that here anymore. If you wanted an industrial enclosure box we could make it."

 

US manufacturing is dead.

Thu, 05/31/2012 - 10:31 | Link to Comment Everybodys All ...
Everybodys All American's picture

New QE will not change any of this outcome. I personally don't think it's a sure thing at all. Rates are already at historic lows. Let me say that again ... Historic lows. More QE. For what? For a few days of exhuberence in the markets. Bernanke is an idiot but this would not serve well politically for his future.

Thu, 05/31/2012 - 10:36 | Link to Comment LarryDavis
LarryDavis's picture

Who would have guessed manufacturing is receeding in America? THESE NUMBERS ARE A FUCKING JOKE AND SO IS WALL ST. I HAVE FRIENDS WHO GET PAID 60K TO ENTER FUCKING TRADES. WHAT ARE WE TALKING ABOUT? MANUFACTURING ACTIVTY HAS BEEN IN A STEADY DECLINE FOR THE LAST FOUR OR FIVE DECADES AND YET WALL ST. MAKES YOU THINK THIS IS A SURPRISING OUTCOME. THIS IS 1984 TYPE SHIT. 

Thu, 05/31/2012 - 10:41 | Link to Comment Snakeeyes
Snakeeyes's picture

Well, its consistent with the other numbers. A purely French recovery, Obama's dream.

Remember when he said he wished we were more like Europe? He delivered!!!!!

Thu, 05/31/2012 - 11:25 | Link to Comment EZYJET PILOT
EZYJET PILOT's picture

They invent the PMI, its a political tool, evryone knows there is no manufacturing in the US. So with a weak PMI drug addict banksters now expect QE, the stock market increases on the expectation of QE, what a f@cked up world we live in! 

Thu, 05/31/2012 - 12:08 | Link to Comment NetDamage
NetDamage's picture

So ZH is confirming that growth is only picking up slowly as MSM financial phd's repeatedly have stressed /sarc

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