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

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Mon, 08/15/2011 - 08:47 | 1561097 dwdollar
dwdollar's picture

Rally on!

Mon, 08/15/2011 - 08:49 | 1561102 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 | 1561113 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 | 1561127 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 | 1561139 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 | 1561234 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 | 1561106 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 | 1561172 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 | 1561111 pepperspray
pepperspray's picture

True blue's face is turning red

Mon, 08/15/2011 - 08:51 | 1561114 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 | 1561120 Cognitive Dissonance
Cognitive Dissonance's picture

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

Mon, 08/15/2011 - 08:59 | 1561145 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 | 1561337 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 | 1561385 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 | 1561121 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 | 1561130 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 | 1561132 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 | 1561136 Irish66
Irish66's picture

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

Mon, 08/15/2011 - 08:59 | 1561141 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 | 1561144 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 | 1561134 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 | 1561147 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 | 1561156 101 years and c...
101 years and counting's picture

is it Warren Jr.?

Mon, 08/15/2011 - 09:15 | 1561188 Village Smithy
Village Smithy's picture

That was nasty, but funny.

Mon, 08/15/2011 - 14:02 | 1562264 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 | 1561138 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 | 1561142 gwar5
gwar5's picture

All the good ones are leaving NY taxes behind.

Mon, 08/15/2011 - 09:03 | 1561152 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 | 1561155 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 | 1561164 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 | 1561157 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 | 1561179 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 | 1561217 nmewn
nmewn's picture

As long as the musics playing...Chuck Prince

Mon, 08/15/2011 - 09:30 | 1561233 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 | 1561163 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 | 1561167 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 | 1561187 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 | 1561190 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 | 1562276 jerry_theking_lawler
jerry_theking_lawler's picture

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

Mon, 08/15/2011 - 09:17 | 1561195 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 | 1561226 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 | 1561259 Vergeltung
Vergeltung's picture

well said OverMed

Mon, 08/15/2011 - 09:44 | 1561265 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 | 1561391 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 | 1561260 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 | 1561395 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 | 1561439 Temporalist
Temporalist's picture

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

Mon, 08/15/2011 - 09:10 | 1561171 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 | 1561184 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 | 1561185 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?

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