July 3, 2015

Reuters Video Claims June Job Gains (Virtually All in Services) Were ‘Broad-Based’

The folks at Reuters issued a pretty sloppy video yesterday relating to the government’s June jobs report.

That videos described yesterday’s reported jobs gains of 223,000 as “broad-based.” That’s true only if you think having 222,000 of yeaterday’s those seasonally adjusted gains occurring in service industries, while only 1,000 were seen in goods-producing industries, is “broad-based”:


May Factory Orders ‘Scream Recession’

Filed under: Economy,Taxes & Government — Tom @ 10:04 am

From the Census Bureau:

New orders for manufactured goods in May, down nine of the last ten months, decreased $4.5 billion or 1.0 percent to $470.5 billion, the U.S. Census Bureau reported today. This followed a 0.7 percent April decrease.

Shipments, down two consecutive months, decreased 0.3 billion or 0.1 percent to $482.1 billion. This followed a virtually unchanged April decrease.

And they arguably should have come in worse on a seasonalized basis:


Readers will see that monthly results, both seasoned and unseasoned, have been coming in lower than those seen three years ago throughout 2015 thus far.

Readers will also see that a May 2015 seasonal conversion to -2.0 percent or worse could easily have been justified.

Zero Hedge, with more thoughts:

Factory Orders Scream Recession: Annual Drop Biggest Since 2008

This has never happened outside of recession. .. Year-over-year, factory orders dropped 6.3% (adjusted) but 8% non-adjusted, the most since the financial crisis. Against expectations of a 0.5% drop MoM, manufacturers saw new orders tumble 1.0% and previous months were revised dramatically lower. Factory orders has now missed 10 of the last 11 months.

Factory Orders have fallen for 9 of the last 10 months

Absent the occasional spike one sees due volatile aircraft orders, the year-over-year decline appears destined to worsen next month.

Factory orders and shipments factor into GDP.

How can these declines be so steep and projected second- through fourth-quarter GDP growth still be 2 percent to 3 percent?

Positivity: You’re Not Alone

Filed under: Positivity — Tom @ 9:32 am

From CatholicVote.org:

NewsBusted (063015)

Filed under: NewsBusted — Tom @ 6:30 am

Here we go:

- U.S. Supreme Court
- Obamacare
- same-sex marriage
- Al-Qaeda struggling
- Pentagon
- Rosie O’Donnell
- Michelle Obama boyfriend
- Charlize Theron and Sean Penn split
- Hillary Clinton

Best Lines:

  • “New reports indicate that Al Qaeda is struggling financially. As a result, some jihadist terrorists are so depressed they’ve lost the will to die.”
  • “So far the Pentagon has spent $2.7 billion to fight ISIS. But just think how much it would cost if we were trying to win.”
  • “According to the National Enquirer, Rosie O’Donnell decided not to adopt a baby boy because he had a birth defect. Ironically, the child may never know how lucky he was to have a birth defect.”
  • “Tabloids are reporting the Michelle Obama is having an affair with a Secret Service agent. But President Obama isn’t jealous. In fact, he told Michelle, ‘If like your boyfriend, you can keep your boyfriend.’”

Friday Off-Topic (Moderated) Open Thread (070315)

Filed under: Lucid Links — Tom @ 6:05 am

This open thread is meant for commenters to post on items either briefly noted below (if any) or otherwise not covered at this blog. Rules are here.