Monday, August 1, 2011

Manufacturing on the verge of contraction

Would you like your recession with one scoop or two?

US Manufacturing activity, which up until now has lead the economic "recovery" such as it was, just barely stayed on the positive side by a razor thin margin for June.

The Institute for Supply Management said its index of national factory activity fell to 50.9 from 55.3 in June.

Economists had expected a reading of 54.9. A reading below 50 indicates contraction in manufacturing.

The latest economic news follows a Gallup poll released that 29 per cent of those questioned thought the economy was in a' depression' and 26 per cent said that the original recession had continued into 2011.

Hold on tight, folks.


Cathleen said...

This is scary. Auto sales are stalling as well.

I know! More tax cuts!

(just shoot me)

Cathleen said...

P.S. Love love love that picture of the Big Lake. Very purdy.