June 4, 2009

Econ Catch-up

Some data points that need to get recorded here for future reference:

  • First quarter 2009 GDP was revised a week ago from an annualized -6.1% to -5.7%. Combined with the government’s previous figures of -0.5% in 3Q08 and -6.3% in 4Q08, this means that the economy’s estimated shrink during the three full quarters we have endured the POR (Pelosi-Obama-Reid) Economy, aka the POR Recession As Normal People Define It, has been 3.17%.
  • The Institute for Supply Management (ISM) reported Monday that its May Manufacturing Index came in at 42.8% (up from 40.1% in April). Wednesday, ISM’s Non Manufacturing Index showed 44.0% (up from 43.7% in April). Both are still well below the above-50% reading needed to be in expansion. The Manufacturing number is nice, but the near-stall in Non Manufacturing, which is over 80% of the economy, is pretty strong evidence that the media’s positivity about our truly negative situation isn’t warranted.
  • Speaking of false positivity, ADP’s National Employment report showed a seasonally adjusted 532,000 jobs lost in May, down very slightly from April’s -545,000. Given that result, this e-mail alert I received yesterday from CNNMoney.com is transparently deceptive:

    CNNheadlineOn0509ADPjobLosses

    “Better”? Give me a break.

    At this rate of “better,” the economy, after losing over 10.5 million more jobs in the interim, will finally start adding jobs 41 months from now during the final month of 2012.

    A post related to this final point is at NewsBusters.org.

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2 Comments

  1. Funny how it’s now all sweetness and light, now that the MSM’s beloved stimulus package has passed.

    But when things were bad but much better than now in 2008 under Bush, all we heard was how it was the second worst economy ever, it’s the second Great Depression, ad nasuem.

    Now that we are worse off under Obama in 2009, suddenly the media is looking for whatever bright spot, no matter how dim or illusionary, to make him and his pork spending bill look like they’re working.

    Sorry, not buying. If there is any amount of recovery, it’ll be because of the resilience, adaptability and creativity of America’s citizens, not because of Obama.

    Comment by zf — June 4, 2009 @ 4:21 pm

  2. If there is any amount of recovery, it’ll be because of the resilience, adaptability and creativity of America’s citizens, not because of Obama.

    Word.

    Comment by TBlumer — June 4, 2009 @ 4:58 pm

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