The recession is becoming palpable, moving out of bond curve graphs and into the factories.
A gauge of U.S. manufacturing showed the lowest reading in more than 10 years in September as exports dived amid the escalated trade war.
The U.S. manufacturing Purchasing Managers’ Index from the Institute for Supply Management came in at 47.8% in September, the lowest since June 2009, marking the second consecutive month of contraction. Any figure below 50% signals a contraction.
The new export orders index was only 41%, the lowest level since March 2009, down from the August reading of 43.3%, ISM data showed.
“We have now tariffed our way into a manufacturing recession in the U.S. and globally,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group.
The Bleak Advisor is likely a liar or an idiot. Other lies are told. Amazingly, about the only authority figure hitting on a little truth is the Trump. Thank God for the impeachment hoax! Otherwise, with a severe downturn coming, he might not be re-electable. And anyway, why does this matter??? I recall, some 30 years ago during my third-rate government high school “education,” someone telling us that in the happy future of tomorrow all employment would be in the easy, computerized service sector. Nothing produced, a shame since everyone would have tons of spending money from their high-tech fantasy jobs.
If we had an Index of Official Lies, the baseline would be a hockey stick curve in perpetuity.