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Global PMI Update: 10 Of 11 European Countries In Contraction
Overnight, global July PMI data was released. In a nutshell: the contraction in the world economy is accelerating primarily due to that fulcrum continent, Europe, where 10 out of 11 countries indicated they are now in contraction. And since Europe is the nexus economy for global trade, what happens in Europe happens everywhere. As BAC summarizes: "From June’s levels’ global PMIs were mixed with roughly half (13) of the manufacturing PMIs decreasing over the course of the month. Out of the 23 countries that have reported so far, sixteen of the PMIs indicate that their manufacturing sectors are contracting – indicated by a PMI reading below 50. Europe’s sovereign debt and banking crisis continues to take a toll on the region’s manufacturing sector. Out of the 11 European countries that we reported on today, 10 printed with a PMI below 50. In other words, the majority of the global manufacturing weakness is stemming from Europe."
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It's sad.....one of them just couldn't make it.
Those damned socialist Swedes and their economic growth just won't get with the program.
The source says RAND--the corp, or the China PMI generator?
Iceland is expanding! Love it! :D
That's Ireland.
Honestly, noone gives two shits what Bjork does with her sauna and herring.
And NOBODY wants to publicize the results when a nation tells the banks to piss off.
You really have to see it in person to truly appreciate it.
I believe that is reference to Excel =RAND() fx for generating a random number.
Clever Tylers!
50 lol
Fortunately, the US has decoupled!!
No problems here!
Step right up and buy as much shit as you can carry. LOL!!
..then put it in storage until you can't make those payments anymore and poof, its gone.
Wow, what a weak global economy.
Yet Bernanke has pulled off a miracle:
- Dow at 13,000
- Bond yields at 1.45%
- No inflation
- Safe havens like gold and silver hammered to multi-year lows
This feat will be discussed in economics textbooks for the next 50 years, and hundreds of PhD seekers will be writing about it with awe and admiration
Yeah, there will be a Joseph Goebbels endowed chair at the Ben Bernanke Graduate School of Economics.
Yet Bernanke has pulled off a miracle - Dow at 13,000
What level would you like to see next? What the hell.....it doesn't actually cost us anything.
Indeed, It will go down as how he destroyed America.
Hammered? Gold=$1610. Bond yields are destroying savings and Social Security. You are right about one thing: they will write about Bernanke and the miracle he still walks the earth.
It will be discussed in textbooks alright, but I don't think we agree on the ultimate reason why.
This is definitely pennies and steamroller time. 1.45% yield on 10-year bonds is both ridiculous (doesn't reflect the risk even in the slightest) and totally unsustainable in the face of insane deficits across the Western Hemisphere. At some point, the event horizon is reached, and who times it perfectly can retire a rich man.
I'm surprised by Hungary and Ireland.
Robo appears, Silver plunges 2.25%. Correlation?
k = Ag / IQ?
Long on hot air. Don't ask for a silver dime.....cause we don't have one.
Be glad to write a check though.
this is (not) lookin good
we've had Trillions thrown at 'the economy' (the most unproductive people on Earth, bankers and politicians) and got nowt to show for it
where's Paul Krugman when you need him (to answer for this epic failure) ?
Not true. Look at the whupass we unleashed on that debt ceiling!
the bill (debt ceiling) is the only thing 'growing' expodentially
Krugman (and all the corrupt to the core politicos and central bwankers) promised us growth in the economy ..."stimulus"
so will these abject failures, with 4 years of rising bills and no extra food on the table, now fall on their swords
if they can't at least do that i'd take it out of my day to arrange it for them
and so silver goes drops 70 cents in 5 minutes.
The CFTC will investigate for 4 years and say everything is A-OK. We have the best free market discovery mechanisms in the world. Wonder why everyone is moving their trading accounts overseas?
The CFTC will investigate for 4 years
That's fast for government work.
The very strange nature of Ireland is well.......... strange.....
Tanking domestic demand yet major exports.
According to the BP stat review for June 2012 , Ireland had the biggest Yearly % contraction of oil consumption in Europe and indeed the world during 2011.....at - 10.4%......beating Greece at -7.9%.......
So averaging 142 MBD in Y2011.........to a further decline of 135+MBD 12 month moving average today.......all our exports must go to pay off the debt incurred it seems.
omrpublic.iea.org/demand/ir_tp_ov.pdf Ireland is now a expression of a perfect colony that does exactly what it says on the tin.And out is gonna pop a bunch of still born Draghis.
And to whit... IMF tells Sweden to stop saving and start spending.
DAMN YOU SWEDES!
These numbers look sketchy to me? Most listed as being in expansion look to have been down from May to June, then up in July, then listed as Expansion? China has had a consistent drop yet they have her listed as Expansion? Who is throwing out this skewed data? I say it is Horse Hockey! They don't know what they are talking about!
If your life is, simply, getting into your limo for a ride from Park Ave to Wall St. Out to dinner with the wife after work, then a limo ride back home. Then back and forth to the Hamptons once a month.
I ask: How would they know anything?
I say they don't know diddly-squat!
Over 50 is considered an expanding economy. Under 50 is considered a contracting economy.
Eeks! But the US isn't doing so well either.
http://confoundedinterest.wordpress.com/2012/08/01/housing-recovery-mortgage-purchase-applications-fall-flash-pmi-declines-adp-employment-declines/
FYI: Belgium is also in contraction: -0.6%
So 11 countries are in contraction...
BUT WE'LL ALWAYS HAVE HOPE!! THEY CAN'T TAKE THAT AWAY FROM US!
Be careful. When hope comes with change, lookout.