US business activity falls at its fastest rate since May 2020
Business activity at private US companies in early August dropped off at some of the sharpest rates seen since the beginning of the pandemic as rising interest rates and high inflation crimped consumer spending, according to data released Tuesday. The latest S&P Global preliminary flash composite purchasing managers index, or PMI, registered a level of 45 as of August 22, down from 47.7 in July.
The rate at which business activity slowed was the fastest recorded since May 2020 when the pandemic shutdowns first took hold, according to S&P Global. This marks five consecutive months that the activity index has fallen and the second consecutive month that it has been in contraction territory.
Obviously business activity is a key economic indicator. Maybe second only to consumer spending. Right now the "blue chip" consensus is that the third quarter GDP will be right around 1.2 percent. Factor in more news like this and we could be looking at a third quarter of negative growth.
14 comments:
Sadly Lil Schitty......your prayers about economics creating a magic red wave are being dashed by other issues.....Like fear for our democracy and women's rights driving D's out to vote as demonstrated in NY!!!!! Will Floriduh's populace wake up and realize DeSanctis is out for himself and his woke BS is just that!!!!!!
Despite the declines, businesses surveyed by S&P Global were more optimistic than they were three months ago about business activity in the next 12 months.
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“Confidence stemmed from hopes of greater client demand and the acquisition of new customers through advertising and marketing campaigns,” according to Thursday’s report
Even some democrats are raging against this debt plan from Biden.
It benefits higher earners at the expense of working class
It benefits current students while future students can eat cake
It benefits the irresponsible at the expense of the responsible
He should have addressed the hifg cost of college. Fix the cause, not the symptom..
Red wave coming.
Bidnomics
ECONOMYThe Surprise in a Faltering Economy: Laid-Off Workers Quickly Find JobsPeople losing jobs are rapidly landing interviews, multiple job offers and higher pay, holding down unemployment totals
Suki Lanh had final-stage interviews with seven companies, got two job offers and accepted a remote one within a month of being laid off. ZACK WITTMAN FOR THE WALL STREET JOURNAL
KD.
IF, you heat with natural gas enjoy The Biden hike.
Trump leaves office $2.02
Today $9.35
KD.
Leading economic indicator
Durable goods orders July 0.0%
Flattened.
Dropping 2.2% from prior month.
US housing is in the grips of Bidenomics Depression
Bill Barr might be in trouble
WASHINGTON – A previously-secret Justice Department memorandum recommending that then-President Donald Trump not be prosecuted for obstructing the Russia investigation asserted that there was "no precedent" for such a case based on evidence gathered by Russia special counsel Robert Mueller.
Bill Barr sent that and if he had not done that Trump might have been impeached and convicted
Exactly balls, in other most university’s are prepared raise tuition rates they do EVERY FUCKING TIME gubment helps….
So Charlie christ tells DeSantis supporters that he doesn't want their votes. Well that's good because he wasn't getting any of them already.
Bill Barr sent that and if he had not done that Trump might have been impeached and convicted
And Bill Barr was 100% correct that there was no precedent based on the sort of evidence... it was what most reasonable people argued all along.
Mueller (on top of other things) literally wanted to charge Trump for obstruction because he tweeted things about the investigation. Unless there is a criminal case and a Judge puts a gag order on things... that is simply free speech.
Barr is right.
Anyone who disagrees with him is an idiot.
Anyone who thinks Trump was ever in danger of being "convicted" in an impeachment trial should probably be locked up in a psych ward with someone who believes he is the 5th Beatle.
Sorry Roger...
Not going to rehash the biggest Special Counsel failure in the history of Special counsels with you...
Bring it up on the legacy blog if you want to talk about the Mueller investigation as if it matters.
Oh and btw... there is a reason that Bill Barr was always one step higher on the ladder than Mueller. Mueller drooling and stumbling his way through the Q&A showed why.
KD.
Biden's Depression
"Fannie Mae sees dark days ahead for the housing market
Economic and Strategic Research Group expects total home sales to decrease 16.2% in 2022"
KD.
Biden's Depression
"Fannie Mae sees dark days ahead for the housing market
Economic and Strategic Research Group expects total home sales to decrease 16.2% in 2022"
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