For whatever reason, I am unable to seed these two stories to Newsvine, but they are important and in stark contrast to what the Obama Administration is telling us in going on in America. Contrary to what we are being told, the cracks are beginning to appear in the weak, putrid recovery Team Obama is trying to tout. For example today and yesterday little known news..did you see this on the main stream media? I doubt it!
"New orders for long-lasting U.S. manufactured goods in August fell by the most in 3-1/2 years, pointing to a sharp slowdown in factory activity even as a gauge of planned business spending rebounded.
The Commerce Department said on Thursday durable goods orders dived 13.2 percent, the largest drop since January 2009, when the economy was in the throes of a recession. Orders for July were revised down to show a 3.3 percent increase instead of the previously reported 4.1 percent gain.
Hmm, that typically happens...even with the jobless numbers...always revised DOWN after the fact...
Transportation equipment tumbled 34.9 percent after racing ahead 13.1 percent in July. Excluding transportation, orders fell 1.6 percent after dropping 1.3 percent the prior month. Economists had expected this category to rise 0.3 percent after a previously reported 0.6 percent fall.
Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rose 1.1 percent, halting two straight months of hefty declines. That was above economists' expectations for 0.5 percent gain.
But shipments of these goods, which are used to calculate equipment and software spending in the gross domestic product report, fell 0.9 percent after declining 1.1 percent in July. The weakness suggested third-quarter economic growth would probably not improve much from the April-June's 1.3 percent annual pace.
and in other news....
Manufacturing closed out its weakest quarter in three years this month and the number of Americans filing new claims for jobless benefits held near two-month highs last week, suggesting the economic recovery is failing to gain traction.
Other reports on Thursday suggested the economy's weakness could prove protracted, with factory activity in the Mid-Atlantic contracting for a fifth straight month in September and a measure of future economic activity dipping in August.
"I don't think the economy is going anywhere fast," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "The jobs market is still very difficult and manufacturing, which was a key pillar of the recovery is beginning to crack."
Uh oh...Obama is hoping people won't notice apparently....
The economy grew at a sluggish 1.7 percent annual rate in the second quarter, and economists said growth this quarter was unlikely to have picked up much -- particularly with factory activity showing fatigue.
Manufacturing, which has been the main driver of the recovery from the 2007-09 recession, has been hit by turbulence from sluggish domestic and global demand.
This just in....GDP downgraded to 1.3 for the second quarter:
The third reading on Q2 GDP just came out and the report was ugly.The headline growth number was revised down to 1.3 percent on an annualized basis. Economists expected the number to be unchanged at 1.7 percent.
"The "third" estimate of the second-quarter percent change in real GDP is 0.4 percentage point, or $16.0 billion, less than the "second" estimate issued last month, primarily reflecting downward revisions to private inventory investment, to personal consumption expenditures, and to exports," wrote the Bureau of Economic Analysis.
These pesky little facts keep getting in the way of the Obama cheerleading rhetoric....
Past performance is an indicator of future performance...do we really want 4 more years of THIS??? I don't.