November 3, 2015

AP Quickly Takes Story on Awful Factory Orders Report Off ‘Top Business News’ Page

As is so often the case with such stories, one can tell how favorable or disappointing a government report on the economy was by whether a story about it is still present at the Associated Press’s “Top Business News” page several hours after its release.

Today’s news from the Census Bureau on September’s factory orders and shipments, released at 10 a.m., was extremely disappointing. Thus, it is utterly unsurprising that Martin Crutsinger’s AP story covering that report was not at the “Top Business News” page a mere six hours after its release (it likely came off even earlier, as I didn’t check the page until just after 4 p.m.). The AP economics writer’s coverage, though bit of an improvement over prior months’ efforts, still left important gaping holes.

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Final September Factory Orders and Shipments: Down 1.0 Pct. and 0.5 Pct., Worse Than Expected; Revised August Declines Are Larger

Filed under: Economy,Taxes & Government — Tom @ 8:28 am

Another report on the productive sector is expected to report contraction today.

Final seasonally adjusted factory orders are expected to have declined 0.9 percent in September from October.

We’ll see here at 10:00 a.m.

12:15 p.m.: Was on other matters for a bit. Here is the Census Bureau’s release; topside comment, “Holy moly, the situation just keeps getting worse” —

New orders for manufactured goods in September, down two consecutive months, decreased $4.7 billion or 1.0 percent to $466.3 billion, the U.S. Census Bureau reported today. This followed a 2.1 percent August decrease.

Shipments, down five of the last six months, decreased $1.8 billion or 0.4 percent to $477.3 billion. This followed a 0.9 percent August decrease.

Unfilled orders, down two consecutive months, decreased $6.2 billion or 0.5 percent to $1,187.9 billion. This followed a 0.3 percent August decrease. The unfilled orders-to-shipments ratio was 6.88, down from 6.89 in August.

Inventories, down three consecutive months, decreased $2.4 billion or 0.4 percent to $645.1 billion. This followed a 0.4 percent August decrease. The inventories-to-shipments ratio was 1.35, unchanged from August.

New orders for manufactured durable goods in September, down two consecutive months, decreased $2.8 billion or 1.2 percent to $231.2 billion, virtually unchanged from the previously published decrease. This followed a 2.9 percent August decrease.

Get out the erasers and grease up the Delete keys, because this news should bring down the third quarter’s GDP growth, currently standing at an annualized 1.5 percent, possibly by a considerable amount.

Here’s the lineup of August revisions from the bureau’s original release:

  • August’s revised orders decline of 2.1 percent was far worse than the originally reported 1.7 percent (the link for next four items is the same as for this one).
  • August’s revised shipments decline of 0.9 percent was significantly worse than the originally reported 0.7 percent.
  • August’s revised unfilled orders decline of 0.3 percent was worse than the originally reported 0.2 percent.
  • August’s revised inventories decline of 0.4 percent was worse than the originally reported 0.3 percent. Inventories aren’t declining fast enough, considering how quickly orders and shipments are falling. 
  • August’s revised manufactured durable goods drop of 2.9 percent was far worse than the originally reported 2.3 percent.

The Atlanta Fed revised its fourth-quarter GDP estimate to an annualized 1.9 percent from 2.5 percent yesterday.

UPDATE: I should also note that, on the bright side, seasonally adjusted construction spending rose 0.6 percent in September, at the high end of expectations, driven to a significant extent by a significant pickup in the value of residential construction.

Tuesday Off-Topic (Moderated) Open Thread (110315)

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.

Positivity: Pregnancy center partnership aims to improve women’s healthcare in Colorado

Filed under: Positivity — Tom @ 6:00 am

From Denver:

Oct 30, 2015 / 03:01 am

When Jenny Langness took over as executive director of Real Choices Pregnancy Resource Center two years ago she was shocked by what little support it had from local churches, especially the Catholic ones.

“One of the things that surprised me was that not even all of the Catholic parishes supported us,” she told CNA.

The previous pregnancy resource center she worked at in Fort Collins, Alpha Center, enjoyed abundant support from local churches – Catholic and Protestant alike.

Perhaps it was because no one at the center, which has locations in Lafayette and Boulder, Colo., was making the effort to reach out to local churches; but then it was “two years later and we still had no real church support.”

Though her clinic is not Catholic, it embraces Church teaching in regards to human sexuality – “it’s God’s truth about our sexuality” she explained.

Since its founding in 1974, Real Choices has sought to offer free, life-affirming options for women facing unexpected pregnancies. Their care goes beyond the nine months of pregnancy, with services such as new parent support, healthy relationship education, post-abortive counseling, and referrals to community resources.

But not all of the local parishes knew that, nor did their pastors necessarily have the resources or time to research the dozens of pregnancy resource centers in the state of Colorado.

So Langness reached out for help from her longtime friend Lynn Grandon, who was then the director of Lighthouse Pregnancy Center, a pro-life pregnancy center that’s part of Catholic Charities of the Archdiocese of Denver’s resources and is just steps away from a major Denver Planned Parenthood clinic.

She asked if Grandon could help her get some kind of endorsement from the Archdiocese of Denver – something to let Catholics, and their parishes, know that Real Choices embraces and supports Catholic teaching in regards to human sexuality.

When Grandon ran the idea by Catholic Charities of the Archdiocese of Denver, CEO Larry Smith suggested that Real Choices come under the umbrella of their services, just like Lighthouse did when it first opened.

“I’ve had a dream of the body of Christ coming together, united in supporting women in crisis pregnancy instead of through independent entities,” Langness said.

“This is what it looks like for the body of Christ to come together to help women – and not just during their pregnancy.”

She said Catholic Charities’ invitation is just what she had dreamed of in her seven years working in women’s healthcare.

“You can’t compete (with Planned Parenthood) if there’s all these places with different names,” she said, referring to the dozens of women’s health centers across the state. “But when you join forces, there’s an economy of scale that’s very powerful.” …

Go here for the rest of the story.

‘Truth’ Appears Headed for Well-Deserved Box-Office Oblivion

Filed under: MSM Biz/Other Bias,MSM Biz/Other Ignorance — Tom @ 12:39 am

Truth, the cinematic attempt to make heroes out of the agenda-driven journalists who produced and broadcast the fraudulent 2004 CBS News story about George W. Bush’s Texas Air National Guard service, went into wide distribution this past weekend, with utterly disastrous box-office results.

Readers, in between moments savoring the film’s apparent descent into oblivion — though it will almost certainly be revived in left-controlled high school and college classrooms for years to come — really should read William Campenni’s writeup at the Daily Signal. It puts the final stake in the heart of any attempt by anyone with an ounce of sense to claim that Dan Rather’s and Mary Mapes’s 60 Minutes report has any remaining credibility whatsoever. After the jump, let’s have some fun looking at the movie’s weekend attendance figures.

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