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”:

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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:

FactoryOrdersJanToMay2007to2015

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:

Topics:
- 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.