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Empire Manufacturing Resumes Downward Slide, Misses Consensus, Future Conditions Index At Lowest Since February 2009

Tyler Durden's picture





 

The first August leading indicator starts off with a thud, after the Empire State manufacturing index just confirmed that the recent brief push higher was, well, transitory. Printing at -7.72, on expectations of 0.00, down from -3.76, the first diffusion index of the month just saw a third consecutive contractionary print in a row, setting the stage for much more ugliness in August. The summary was succint: "Business conditions continue to deteriorate: "The general business conditions index fell four points to -7.7. The new orders index also fell, inching down to -7.8; the negative reading—the third in a row—indicated that orders had declined. The shipments index held steady at 3.0, a sign that shipments were slightly higher over the month. The unfilled orders index continued to drift down, falling three points to -15.2. The delivery time index was little changed at 0.0. The inventories index dropped two points to -7.6, suggesting that inventory levels were down slightly." What is surprising is not that the current outlook is deteriorating, but that for the first time, the future index finally cracked as the hopium has finally ran out: "The future general business conditions index fell twenty-four points to 8.7, its lowest level since February 2009. The future new orders and shipments indexes dropped to their lowest levels since September 2001." I.e., hope is no more. And there is nothing to take its place.

Looking at individual indices, the New Orders index dropped to November 2010, Unfilled Orders dropped to December 2010, Inventories dropped to December 2010 levels, Prices Paid down to November 2010 levels, as as Priced Received. Amusingly the Number of Employees increased modestly from 1.11 to 3.26, coupled with an increase in the Average Employee Workweek: and there's your spin.

And in a special supplementary report, the NY Fed indicated that manufacturer still face difficult finding workers with select skills:

In a series of supplementary questions to the August 2011 Empire State Manufacturing Survey, fi rms were asked how much diffi culty, if any, they were experiencing in fi nding workers profi cient in select skill categories; they were also asked to estimate the costs of the training needed to bring new hires up to speed. The table below shows the results of the survey alongside the results from a parallel survey conducted in March 2007.

 

Despite the current slack job market, manufacturers’ responses in this month’s survey were not substantially different from those recorded in March 2007, when New York State’s unemployment rate was below 4½ percent. As in the earlier survey, workers with advanced computer skills were seen as the hardest to find: On a scale of 0 to 100, this task received a difficulty rating of slightly more than 61 in this month’s survey—almost identical to the rating it received in 2007. (See the table for a detailed explanation of the diffi culty measure.) Finding workers who are punctual and reliable received the second highest difficulty rating, followed by the task of finding workers with good interpersonal skills; these results, too, mirrored those from the earlier survey.

Respondents were also asked to estimate training and related costs for new hires as a percentage of overall compensation. On average, manufacturers indicated that such costs accounted for 6.5 percent of total compensation in the past year, compared with 5.6 percent in a typical year—percentages that closely tracked those cited in the 2007 survey. The median proportion was reported to be 5.0 percent, for both the past year and a typical year.

 

Finally, in a question not posed previously, manufacturers were asked how much they expected a typical worker’s wage or salary to increase (or decrease) over the next twelve months—not including benefi ts and not including any promotion or change in hours worked. The vast majority of respondents, 79 percent, predicted at least some increase in pay, while 21 percent expected wages to remain unchanged; no respondents anticipated a decline. The average expected pay increase was reported to be 2.4 percent, while the median was 2.8 percent.

Bottom line: it is impossible to find a punctual worker who knows what they are doing in the New York area.

Full report

 


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Mon, 08/15/2011 - 08:47 | Link to Comment dwdollar
dwdollar's picture

Rally on!

Mon, 08/15/2011 - 08:49 | Link to Comment Temporalist
Temporalist's picture

I agree with the sarcasm but the futures are slowly dropping.  We'll see what happens today the propagandists will find something else to spin...like Google overpaying for Motorola.

Mon, 08/15/2011 - 08:51 | Link to Comment spiral_eyes
spiral_eyes's picture

manufacturing, bitchez!

(manufacturing quadruple A credit ratings, that is)

http://azizonomics.com/2011/08/14/why-warren-buffett-is-wrong/ 

Mon, 08/15/2011 - 08:55 | Link to Comment Durgesh Sakhardande
Durgesh Sakhardande's picture

Google has cash and company’s with cash are trying to acquire market share and buy growth. 

There are value companies out there but the sentiments are bad. 

For eg. Micron.. 

 

Everyone knows the apple story in the tech space

 


Micron says NAND chip demand buoyed by tablets

10 Aug 2011 - 00:33

* Tablet demand helps Micron weather economic jitters

* Solid-state drives also boost demand

* Company eyes fallout from U.S. debt downgrade

 

SANTA CLARA, California, Aug 9 (Reuters) - Orders for Micron Technology Inc's <MU.O> NAND memory chips are holding up despite growing economic uncertainty, thanks to strong demand from manufacturers making tablets and solid-state drives, a senior executive at the chipmaker said.

Glen Hawk, vice president of NAND Solutions at the top U.S. maker of memory chips for computers and mobile gadgets, said it was too soon to know whether Standard & Poor's downgrade of U.S. sovereign debt on Friday and increased financial troubles in Europe would hurt demand.

"We haven't seen any effects in a week, but yes, people are going to be conservative about spending money and we're absolutely mindful of that," he told Reuters at an industry event on Tuesday.

Persistently high U.S. unemployment and the danger of a European financial crisis have depressed many electronics manufacturers at a time of year when they are normally busy preparing for the brisk back-to-school season.

Micron also makes DRAM chips used in personal computers, whose sales have been crimped in the United States and Europe by economic worries and the growing popularity of tablets.

Demand for chips used in consumer electronics like TVs, game consoles and cameras is expected to be less than normal this back-to-school season, although purchases of Apple Inc's<AAPL.O> iPad are expected to remain strong.

The red-hot success of the iPad and iPhone have made Apple a top consumer of NAND chips, driving manufacturers to increase their capacity.

Corporate IT managers are also increasingly replacing hard disk drives with NAND chips in the form of solid-state drives (SSDs) to speed up their data centers.

"I wouldn't characterize the NAND side of things as slower than seasonal," Hawk said. "There are two segments offsetting any other economic weakness. That's the tablet explosion and also the adoption of SSDs is absolutely increasing."

(Reporting by Noel Randewich; Editing by Richard Chang)

((noel.randewich@thomsonreuters.com; 415-677-2542; Reuters Messaging: noel.randewich.reuters.com@reuters.net)) Keywords: MICRO

Mon, 08/15/2011 - 08:58 | Link to Comment banksterhater
banksterhater's picture

ZIRP has caused 90% of the deals that NEVER would have been done in a normal rate environment, they're overpaying in every sector.

Mon, 08/15/2011 - 09:30 | Link to Comment spanish inquisition
spanish inquisition's picture

Could be the start of getting rid of dollars before they are worthless..

Mon, 08/15/2011 - 08:50 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

It's all about the USD. If down, DOW up on vapor volume and bots batting the ball back and forth!  Europe's calm will not last long. 

Mon, 08/15/2011 - 09:10 | Link to Comment SheepDog-One
SheepDog-One's picture

When the USD is finally worth 1/8th of 1 cent, the DOW will be perched about 15,000 or so, probably by next month. 

Mon, 08/15/2011 - 08:50 | Link to Comment pepperspray
pepperspray's picture

True blue's face is turning red

Mon, 08/15/2011 - 08:51 | Link to Comment Cassandra Syndrome
Cassandra Syndrome's picture

Empire Strikes Back Bitchez... Darth Bernanke to power up the Death Star for attack

Mon, 08/15/2011 - 08:54 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Yeah.......but it's not as bad as 2008........yet.

Mon, 08/15/2011 - 08:59 | Link to Comment SheepDog-One
SheepDog-One's picture

Well, the problem is these poor companies are trying their hardest to hire many more workers to fill their huge backlogs of product orders, but they cant find anyone with SKILLS! See? Its the american peoples fault once again! 

Somehow we HAD plenty of american workers with skills, up till 2008, but now theyre all gone. 

Mon, 08/15/2011 - 10:04 | Link to Comment adr
adr's picture

do you know what the average pay at these small manufacturers is? usually less than $10 an hour. You are talking about jobs that require real skill that pay the same as Home Depot. why would anyone take a job with pretty bad working conditions and danger to your personal health when you could make the same money or more at Walmart.

Machine shops near me have all kinds of jobs advertised in the local paper. they all ask for experience yet advertise wages of $8.75. Minimum wage to work in a factory that reaches 120 degrees in the summer. They wonder why they don't get any applicants.

The reason is something I talked about before. Manufacturing is dead in the US becuase there is no money to be made. Mass retailers all want 60% margin or higher and as a manufacturer you can't pay employees a living wage when you can only generate a few cents on a product that sells for $10. 

Look what Home Depot charges you for one bolt. I had to pay $.75 for a single bolt that should have cost $.05. I guarantee Home Depot paid $.05 for that bolt and because there is nowhere else to buy it they just rape you over and over.

Mon, 08/15/2011 - 10:19 | Link to Comment SheepDog-One
SheepDog-One's picture

Well of course, I was talking about that in the 1990's when the country was abuzz in NAFTA and GATT euphoria and our new economic model 'borrow and consume'...I said it would never work because you cant borrow forever, and you cant compete with people making $2 a day. Nothing new to me, in fact I was one of the few that called it *fail* while everyone else was in market euphoria and flipping houses.

Mon, 08/15/2011 - 08:54 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

somehow I knew it was the" workers" fault..now if those tax payers would stop being so cheap and cough up more taxes to the masters of the universe the economy would be just fine.

Mon, 08/15/2011 - 08:56 | Link to Comment SheepDog-One
SheepDog-One's picture

AH yes, another indicator that will allow Bernank to make the case that while all is well and markets are melting up, we need another $2 trillion free money to support the ridiculous 'recovery'.

Mon, 08/15/2011 - 08:56 | Link to Comment banksterhater
banksterhater's picture

CNBS is NOT REPORTING THIS! Instead they're drooling over "Ace" Greenberg like he's God.

Mon, 08/15/2011 - 08:57 | Link to Comment Irish66
Irish66's picture

I was watching and thought CNBC didn't say a word.

Mon, 08/15/2011 - 08:59 | Link to Comment Durgesh Sakhardande
Durgesh Sakhardande's picture

I was watching bloomberg and all they are talking about is google ... and only google since the numbers have released.

Mon, 08/15/2011 - 08:59 | Link to Comment Snidley Whipsnae
Snidley Whipsnae's picture

I think that by now you would take for granted that main stream media will ignore any bad news and put any distraction available on the boob tube... Why do you expect any different? Why are you watching CNBS?

Mon, 08/15/2011 - 08:56 | Link to Comment Cdad
Cdad's picture

And over at the BlowHorn [CNBC], not a word is spoken of the report.  Instead, we are all waiting on pins and needles to learn the name of the Quickster's new baby.  F'n brilliant!

Credibility at the network continues to follow the chart path of the Empire Manufacturing Index.  Cred valuation expected to hit negative integers by week's end.

 

Mon, 08/15/2011 - 09:03 | Link to Comment SheepDog-One
SheepDog-One's picture

CNBC left all credibility in the dust long ago, 2008 was the line where the media were told 'go with us, never ask a question again and say exactly what youre told, or youre forever finished in this business'.

Becky Quicks offspring- 'Bezelbub'. Little fukers probly gonna have horns and hooves!

Mon, 08/15/2011 - 09:04 | Link to Comment 101 years and c...
101 years and counting's picture

is it Warren Jr.?

Mon, 08/15/2011 - 09:15 | Link to Comment Village Smithy
Village Smithy's picture

That was nasty, but funny.

Mon, 08/15/2011 - 14:02 | Link to Comment jerry_theking_lawler
jerry_theking_lawler's picture

if it comes out with a bad combover and big goofy glasses, it will certainly be warren jr....

Mon, 08/15/2011 - 08:57 | Link to Comment High Plains Drifter
High Plains Drifter's picture

economic conditions continue to deteriorate but what the hey. let's go on a junket to israhole...

http://www.politico.com/news/stories/0811/60853.html

Mon, 08/15/2011 - 08:59 | Link to Comment gwar5
gwar5's picture

All the good ones are leaving NY taxes behind.

Mon, 08/15/2011 - 09:03 | Link to Comment Pay Day Today
Pay Day Today's picture

"Dropped to their lowest levels since September 2001"

What, was there something bad going on then? And is it bad that we're back there?

Mon, 08/15/2011 - 09:04 | Link to Comment sbenard
sbenard's picture

New orders are at the worst level in a decade? Ouch! That's even worse than the depths of 2009! There is no way to sugar-coat this report. It's UGLY!

Mon, 08/15/2011 - 09:07 | Link to Comment SheepDog-One
SheepDog-One's picture

Hey as long as we've got ZIRP, then companies are partying down like Google way over paying for Motorola, and CNBC can be obsessed and fanatic about it like girls at a Beatles concert. Billionaires PLAYIN!

Mon, 08/15/2011 - 09:05 | Link to Comment nmewn
nmewn's picture

Let the Fraud Street bleating for QE commence!

I want myyy...I want myyy...I want my QEthreee...

http://www.youtube.com/watch?v=lAD6Obi7Cag

Mon, 08/15/2011 - 09:16 | Link to Comment SheepDog-One
SheepDog-One's picture

Funny part is, its not being mentioned anywhere but here, and futures havent even been dinged at all. Panicked bleating? All I hear is crickets chirping. Wheres the fear and panic? I see none at all, Wall St and financial media are partying like its 1929.

Mon, 08/15/2011 - 09:24 | Link to Comment nmewn
nmewn's picture

As long as the musics playing...Chuck Prince

Mon, 08/15/2011 - 09:30 | Link to Comment Esso
Esso's picture

"Wall St and financial media are partying like its 1929."

Good one. We are so screwed.

Mon, 08/15/2011 - 09:07 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

with the lack of skilled people guess we need more B1 visas after all our UE rate is at historic lows er well UE is just so last century.

Mon, 08/15/2011 - 09:09 | Link to Comment lizzy36
lizzy36's picture

No worries.

Obama has a new economic plan: Patent Reform.

Because nothing says job creation like "patent reform".

Bachmann also has a plan. But hers is mostly how to "reprogram" the gays. One wonders if she is going to try that on her husband first.

Mon, 08/15/2011 - 09:14 | Link to Comment SheepDog-One
SheepDog-One's picture

LOL, Bachmans gay ass husband...and shes now been busted using bribery to win the STUPID straw poll....my God we're going down what a ruined nation.

Mon, 08/15/2011 - 09:15 | Link to Comment cowdiddly
cowdiddly's picture

AH yes the Corn Dog Queen. That's it. The answwer to our problem. Make all the gays watch the Corny Dog manuevre over and over...............................................

Mon, 08/15/2011 - 14:05 | Link to Comment jerry_theking_lawler
jerry_theking_lawler's picture

well, at least we know how she got into politics...

Mon, 08/15/2011 - 09:17 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

hey thereLizz , you seem fixated on homosexual issues ..why's that?

 hint: a life style defined by one's sexual lusts is not a great investment in a normal society. self delusion about ones sexual nature as defined at birth is not what supports mental health. .current DSM not withstanding. 

Mon, 08/15/2011 - 09:28 | Link to Comment SheepDog-One
SheepDog-One's picture

really...'sexual nature' is defined at birth? So you really liked getting your temperature taken a lot then.

Mon, 08/15/2011 - 09:41 | Link to Comment Vergeltung
Vergeltung's picture

well said OverMed

Mon, 08/15/2011 - 09:44 | Link to Comment Temporalist
Temporalist's picture

I think Lizz is pointing out the hypocrisy in trying to "reprogram" gays as they do when Marcus may be in the closet.

Mon, 08/15/2011 - 10:21 | Link to Comment SheepDog-One
SheepDog-One's picture

Yea, lets ignore the obvious Bachman hypocrisy and propensity for underhanded skullduggery in something as silly as a state fair straw poll....and turn it into a debate about being born gay. 

Mon, 08/15/2011 - 09:42 | Link to Comment Temporalist
Temporalist's picture

Here's Marcus...taught Michelle all she knows about corn dogs:

http://babyboomeradvisorclub.com/wp-content/uploads/2011/08/Marcus%20Bac...

Mon, 08/15/2011 - 10:22 | Link to Comment SheepDog-One
SheepDog-One's picture

Why do these people look so out of their element whenever pictured eating a corn dog, or like Kerry biting a sandwich...like theyre never done such a thing before?

Mon, 08/15/2011 - 10:37 | Link to Comment Temporalist
Temporalist's picture

They are used to drinking the blood of feti through a straw?

Mon, 08/15/2011 - 09:10 | Link to Comment FoieGras
FoieGras's picture

Wonder what Rosenberg has to say about this. He must be doing victory laps around the Gluskin Shef office.

Mon, 08/15/2011 - 09:14 | Link to Comment High Plains Drifter
High Plains Drifter's picture

cramer is in his 60's now. i have to say, is this guy still snorting blow?  does he drink some major hundred mile coffee or something?  

Mon, 08/15/2011 - 09:14 | Link to Comment MFL8240
MFL8240's picture

Summer of recovery year 2 is definately living up to its name.  Where is the media to question the clown and vice clown on thier lies?

Mon, 08/15/2011 - 09:20 | Link to Comment SheepDog-One
SheepDog-One's picture

Neither CNBC or Bloomberg has even mentioned this, buckle up folks here be monsters.

Mon, 08/15/2011 - 09:21 | Link to Comment ben_bernanke
ben_bernanke's picture

February 2009. Wasn't that a good time to be long the market? Why the armageddon implications? Pretty much every data point that is "bad" that this blog has pointed out is bullish for the markets

1) Multi-decade consumer sentiment low -- bullish (1980 was a TERRIBLE time to be long, right?)

2) 73% of Americans bearish on the economy -- bullish (since when are Americans expert economists?)

3) Retail put/call ratio at 2003 levels -- bullish

Wake up and learn the markets. Futures up.

Mon, 08/15/2011 - 09:28 | Link to Comment sbenard
sbenard's picture

Oh Bubbles, I'm sooo glad you're here. Thank you for the perennial Pollyanna Party!

Mon, 08/15/2011 - 09:36 | Link to Comment dwdollar
dwdollar's picture

Wait a second professor.  The S&P has never recovered from it's 2000 highs (adjusted for inflation) thanks to you and Greedspan's money printing.  Is this trend going to change in the next 10 years?  I doubt it.  We all know you will unleash your 'self-fulfilling prophecy' soon with QE3.

Mon, 08/15/2011 - 09:43 | Link to Comment SheepDog-One
SheepDog-One's picture

Well Ben, I suppose as long as we can print and pump $27 trillion dollars like we did in 09, then I guess we can have a polyanna replay!

Mon, 08/15/2011 - 09:53 | Link to Comment fuu
fuu's picture

You got some on your beard.

Mon, 08/15/2011 - 09:20 | Link to Comment sbenard
sbenard's picture

Empire ignored. News is irrelevant in this mirage world!

Mon, 08/15/2011 - 09:21 | Link to Comment Durgesh Sakhardande
Durgesh Sakhardande's picture

Foreign investors not investing in US Debt highlights the downgrade

 

11:00pm USD TIC Long-Term Purchases 3.7B 30.4B
24.2B


http://www.forexfactory.com/images/gradients/gradient_tcat.gif); background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #869bbf; color: #ffffff; padding-top: 4px; padding-right: 8px; padding-bottom: 4px; padding-left: 8px; font-weight: normal; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d1d1e1; background-position: 0% 0%; background-repeat: repeat no-repeat;" colspan="4" align="left">© Forex FactorySpecs

Mon, 08/15/2011 - 09:23 | Link to Comment buzzsaw99
buzzsaw99's picture

Bottom line: it is impossible to find a punctual worker who knows what they are doing in the New York area...

 

heh heh They don't pay nearly enough for anyone decent to put up with their shit. If they're so smart and talented they should be able to run the damn company all by themselves (with a little help from slave wage third world countries). Rally on.

Mon, 08/15/2011 - 09:26 | Link to Comment SheepDog-One
SheepDog-One's picture

'We cant find anyone with basic skills anymore'....OH but the country is recovering just fine! As long as youre a multi gajillionaire friend of the super elite with access to the ZIRP window.

Mon, 08/15/2011 - 09:22 | Link to Comment Irish66
Irish66's picture

I feel like the crows are gonna fall from the sky any second.

Mon, 08/15/2011 - 09:24 | Link to Comment SheepDog-One
SheepDog-One's picture

Futures spiked way UP on confirmation its all burning to the ground....fasten your seatbelts this ride is about to get real stupid.

Mon, 08/15/2011 - 09:32 | Link to Comment Durgesh Sakhardande
Durgesh Sakhardande's picture

wake up guys 9 out of 10 ipos cancelled do you guys think its worth just one google deal... 

Mon, 08/15/2011 - 09:35 | Link to Comment TradingJoe
TradingJoe's picture

We'll see S&P printing below 1000 this week! The time for Bad news is "good news" isn't here yet! This is Selling into "strength", IMHO!

Mon, 08/15/2011 - 09:45 | Link to Comment SheepDog-One
SheepDog-One's picture

Bring it on! I want to see it! No sign of it yet, I guess the plan is 1 day before Jackson hole, S&P tanke 120 points, gives Bernanke excuse for QE3, then its all recovered plus some the next day? 

Mon, 08/15/2011 - 09:39 | Link to Comment Aductor
Aductor's picture

Since that was dollar negative, it is rally time. Also, it drowns in the GOOG-Motorola deal.

Mon, 08/15/2011 - 09:44 | Link to Comment oogs66
oogs66's picture

after last week's carnage, they all seem to be blaming down days on computers and good days on smart investors picking up value :D

 

Mon, 08/15/2011 - 09:44 | Link to Comment Coast Watcher
Coast Watcher's picture

The Empire INdex is non-news at the NYT, which buried the Reuters story about it way down its website. (Can't be bothered to write its own story about it, I guess.) The Google news is top of the page, though.

Mon, 08/15/2011 - 09:45 | Link to Comment Boilermaker
Boilermaker's picture

And, right on cue, the market shoot up for no damn reason whatsoever.  Time to take out those stop loss orders and force a short squeeze.

CNBC: 

  • Stocks Open Higher on Merger News as Investors Shrug Off Disappointing Manufacturing Report (Click for More)
  • Mon, 08/15/2011 - 09:49 | Link to Comment topcallingtroll
    topcallingtroll's picture

    Goldilocks is back, at least for a short visit. Havent you heard?

    Mon, 08/15/2011 - 10:03 | Link to Comment Boilermaker
    Boilermaker's picture

    And, just to make it all the more apeshit, REITs and banks are completely retracing the entire loss just as fast as it can be bid up...STRAIGHT up.  Literally, no stop bidding up.

    Mon, 08/15/2011 - 09:46 | Link to Comment topcallingtroll
    topcallingtroll's picture

    I want to buy gold. Therefor we are at an intermediate top.

    I am scared and want to sell my ewz now that i am approximately break even. Therefore I should keep it. But I is scared.

    I still say go long for now boys and girls, but who listens to an anonymous troll anyway?

    Mon, 08/15/2011 - 09:46 | Link to Comment espirit
    espirit's picture

    Get the DX to print sub 72, and it's "game over" bitchez.

    Mon, 08/15/2011 - 09:48 | Link to Comment SheepDog-One
    SheepDog-One's picture

    WOOT! Yea DOW up near +150! A phone company merged with another....WE'RE SAVED! 

    Still got to have some trouble here for QE3 Jackson Hole though, I guess a little bit of red markets maybe DOW down -10 for a half hour should be reason enough, in this totaly insane world.

    Mon, 08/15/2011 - 09:50 | Link to Comment Pinktip
    Pinktip's picture

    Agreed NedZep........Dollar drop, nothing more.  It's 95% of the moves.

     

    look at the USD vs DOW

    Mon, 08/15/2011 - 09:52 | Link to Comment Dick Darlington
    Dick Darlington's picture

    And surprisingly equities are celebrating the ongoing recession. Celebration bitchez!

    Mon, 08/15/2011 - 09:54 | Link to Comment banksterhater
    banksterhater's picture

    SPY options expiration- they're rigging it for max pain, according to yahoo board.

    Mon, 08/15/2011 - 09:57 | Link to Comment marcusfenix
    marcusfenix's picture

    another day...another clear indicator the economy is contracting...another full on retard rally on wall street...at least, for the moment.

    Mon, 08/15/2011 - 10:00 | Link to Comment Temporalist
    Temporalist's picture

    More bad news to be ignored:

    Aug. NAHB home builder index stays at 15

    http://www.marketwatch.com/story/aug-nahb-home-builder-index-stays-at-15...

    Mon, 08/15/2011 - 10:07 | Link to Comment Mrs Kensington
    Mrs Kensington's picture

    At the most they're going to do some kind of mini 'Twist' at Jackson Hole, perhaps MBS purchases.  The 3 anti-Ben dissenters are code for no more QE.  September 30th sees a new arm wrestle between Reps and Dems on the debt ceiling, and to be doing that in the wake of a big profligate QE3 stunt would give the Republicans enormous political advantage.  Also - Wall Street is sensing Republican strength (and more specifically Obama weakness) and moving towards a whole new faustian pact with the austerity regime which looks like its measuring up the curtains for Washington in 2012.

     

     

    Mon, 08/15/2011 - 10:30 | Link to Comment overmedicatedun...
    overmedicatedundersexed's picture

    sheep agree with you 90% of time..I was just pointing out a reality about the human circus. Bachman is not my candidate however she would be a great improvement to our current undocumented alien.

    Her stand on homosexuals seems to cause concern ..when the expanding wars and the Fed are so much more important and get little attention..to me that reeks of agenda here.

    If she would cut the fed gov why should i concern myself with this strawman social issue?? why should you?

    Mon, 08/15/2011 - 10:39 | Link to Comment SheepDog-One
    SheepDog-One's picture

    Right, but no way do I agree this Zionist lackey Bachman would cut anything except our own throats in favor of her own allegiances.

    Mon, 08/15/2011 - 10:42 | Link to Comment Temporalist
    Temporalist's picture

    She won't cut shit.  She full well knows lying gets you into the White House and there is no commandment by Yahweh about lying.  Do you honestly think after working as an IRS laywer she is going to work out a way to let people keep more of their money instead of give it to the govt?

    Mon, 08/15/2011 - 11:00 | Link to Comment overmedicatedun...
    overmedicatedundersexed's picture

    Do I honestly think any pol is going to cut the fed guv?? sadly can't ..

    the EE or Elite or NWO has captured most.. but one can have hope and change can't one??  a little truth these days is too much for our country to accept.. so more big gov more wars more elite wealth more DHS.

    and the days go by and the water runs deep, this is not my house that is not my wife..

    Mon, 08/15/2011 - 11:01 | Link to Comment deez nutz
    deez nutz's picture

    Finding workers who are punctual and reliable received the second highest difficulty rating, followed by the task of finding workers with good interpersonal skills; these results, too, mirrored those from the earlier survey.

    take the credit cards away.  please.

     

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