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:
“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.