Wednesday, October 1, 2008

ISM tanks, construction spending flat

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The latest numbers don't look good.
* The ISM manufacturing index plunged to 43.5 in September. That was down from 49.9 in August, well below the forecast for a reading of 49.5, and the worst reading since October 2001. The new orders subindex dropped to 38.8 from 48.3, the employment subindex fell to 41.8 from 49.7, and the production subindex tanked to 40.8 from 52.1..
* Construction spending was flat in August. But July's reading was revised down to -1.4% from a previously reported -0.6%. Private residential construction was actually UP 0.3%, according to the Commerce Department, but private nonresidential spending fell 0.8%. That was the second decline in a row in that category. Going forward, I expect nonresidential spending to continue deteriorating due to the economic slump and the tightening in the commercial real estate lending market..
* Mortgage applications plunged in the week ended September 26, according to the Mortgage Bankers Association. The purchase index dropped 10.9% from the previous week, while the refinance index tanked 34.7%. At 304.8, the purchase index is the lowest since February 2002. Interest rates were relatively stable (6.07% on the 30-year, down slightly from 6.09% a week earlier). ..
* The outplacement firm Challenger, Gray & Christmas counted 95,094 job cut announcements in September, up 7.2% from August and up 32.6% from a year earlier. Computer firms led the list of announced cuts at about 25,700 in September. Automotive companies were next at just under 15,000, with apparel (8,350) and financial firms (8,244) next. ..
* On the other hand, the ADP Employment report was less negative than expected. It showed the economy losing just 8,000 jobs in September, compared with a forecast of -50,000. August's figure was revised down to -37,000 from -33,000. ADP says small businesses actually increased their payrolls -- by 28,000 -- while medium sized businesses trimmed 30,000 workers and large businesses shed 6,000. The goods-producing sector lost 72,000 jobs, while the service sector added 64,000 workers...

But Senate leaders attached the measure to a package to extend business and energy tax breaks that a number of House Democrats have opposed, which could imperil votes there after Monday's narrow defeat of the original bill...
House Republicans leaders quickly embraced the revised package, while House Democratic leaders issued cautious statements...
In a stunning vote on Monday that sent global markets reeling, the House rejected the bailout largely with opposition from conservative Republicans who may be lured to support a new package with the tax breaks...
"We welcome the progress made by Senators Reid and (Senate Republican leader Mitch) McConnell toward a modified bill and to schedule a vote," said White House spokesman Tony Fratto...
House Minority Leader John Boehner "was consulted on (the revised package) and gave it the green light," his spokesman said

Econoday -
Even if some of it ends up in gas tanks ... Construction spending contracted further in April ... The composite index from the ISM non-manufacturing survey is showing a flat ...
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Morgan Stanley - Global Economic Forum
... personal income and spending and construction spending Monday, ISM and ... And real consumer spending is expected to be flat after taking into ... to wake up to the deafening noise of tanks ...
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Planned Giving News Magazine
... you is cast aside when the market tanks ... the Commerce Department said that construction spending took a bigger ... The index was flat in June. Single-family ...
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MetalsWatch! Newsletter September 1998 - All Metals & Forge
Also, construction spending has been increasing since late last year. ... is used in kitchen sinks, dishwashers, chemical tanks ... business with the U.S. government will remain flat ...
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No Quick Recovery for Stock Markets - Seeking Alpha
... months of inventory are about flat ... for the manufacturing ISM composite index is 49.2 versus 50.2 in June. Other reports: Consumer Confidence (July 29), Construction Spending, Auto ...
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Mickey Kaus
There isn't another contested Democratic primary for 9 more days ? What are we supposed to do in the meantime? Can't they speed the process up? ... 12:09.A.M. Only waterwork s works: Now he 's crying . [ via Lucianne ] 2:36 A.M. I'm as flummoxed as ...
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Source: Slate
NewsDateTime: 9/22/2008

PALIN: Press trying to play down her strength
The liberal press is using every subtle and not-so-subtle negative nuance it can to play down the impact Sarah Palin has made on the election process. She has quite correctly pointed out the glaringly obvious weak points of Barack Obama and his VP ...
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Source: Coeur d'Alene Press
NewsDateTime: 9/4/2008

January 2006 - December 2006
Just watch state spending explode. Michael M. Bates says Illinois will pay for Rod Blagojevich's ambition On republics and democracies: Why the leaders of Hamas are "democrats": Critics have blasted Hamas as an undemocratic and violent terrorist ...
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Source: Enter Stage Right
NewsDateTime: 8/6/2008

Tibetans in central China share anxiety and accounts
Most Chinese people do not fetishize any -ism. It is not true that all capitalism are right and all socialism are wrong ... China is spending huge amounts of money developing Tibet and those ungrateful Tibetans should, well, be grateful. Lets see ...
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Source: International Herald Tribune
NewsDateTime: 8/4/2008

Recession--Who Cares?
... the ox and are examining the gloppy entrails for signs: rising unemployment, a falling dollar, weak consumer spending, the ... No Jake, I wouldn't advocate keeping China in the dark ages, but the huge and rapid influx of capital and construction of ...
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Source: Common Dreams
NewsDateTime: 1/16/2008

As news of the AIG bailout rocked Wall Street, both candidates were ready with new ads, both looking into the camera and both promising serious reform, CBS News correspondent Wyatt Andrews reports. "I'll reform Wall Street and fix Washington," John McCain said in a new ad. And Barack Obama said he would "end the 'anything goes' culture on Wall Street with real regulation." McCain, in his latest stump speech, also promises to stop Wall Street abuses before they begin. "Make sure these outrages, and they are outrages, never happen in the first place," McCain said. Here are the facts: McCain admitted as the mortgage crisis was happening he never saw it coming. This was last December. "So I'd like to tell you I did anticipate, but I have to give you straight talk, I did not," he said in Keane, N.H. McCain also said he did know how to help homeowners without also bailing out speculators. "But I can't come down yet and give you a specific, uh, solution because I don't claim to be smart enough," he said. Obama meanwhile claims he saw the meltdown from the start and introduced a law to "stop mortgage transactions that promoted fraud, risk or abuse." This claim is true. In fact, Obama introduced a 2006 bill trying to curb abusive lending. But this was one year into his Senate career and the bill went nowhere. As for Obama's claim that McCain was nowhere …this claim is false. The fact is, in March of 2005, McCain co-sponsored a bill to impose new oversight on Fannie Mae and Freddie Mac - but that bill also died.

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Published on: 9/24/2008 11:32:51 AM
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Published on: 9/22/2008 9:44:53 PM

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