The great Obama economy continues it’s unprecedented growth. The Manufacturing index declined in July. Construction spending declined. Despite these bad indicators, the media continues pushing he Obama Boom lie.
U.S. manufacturing shrank at its sharpest clip in more than three years in August while U.S. construction spending in July fell by the most in a year, new reports showed on Tuesday.
The Institute for Supply Management said its index of national factory activity fell to 49.6 in August from 49.8 in July.
The reading fell shy of the 50.0 median estimate in a Reuters poll of economists. A reading below 50 indicates contraction in the sector.
The index’s employment component fell to 51.6, the lowest since November 2009, from 52.0 in July.
New orders, a forward-looking sub-index, fell to 47.1 in August, the worst showing since April of 2009. It stood at 48 in July.
U.S. construction spending in July fell by the most in a year as both the private and public sectors cut back on investment, according to a report that could dampen hopes of a pick-up in economic activity in the third quarter.
Construction spending dropped 0.9 percent to an annual rate of $834.4 billion, the lowest level since April, the Commerce Department said on Tuesday. The decline was the first since March and followed an unrevised 0.4 percent rise in June.
Data on job growth, housing and consumer spending has been fairly upbeat, but economic activity remains constrained by fears of higher taxes and sharp cuts in government spending in January and the ongoing debt crisis in Europe, which are eroding confidence.
Job growth and consumer spending are upbeat? What world are these media types living in? I guess its all about worshiping Obamaligula as their beloved god-king. The economy is anemic and no amount of spin will change that.
Tags: The Obama Boom