The media is crowing about recent polls showing Americans feeling better about the economy. They credit the Clinton speech, where he said this is the best we can do in the economy now. Obama’s whole campaign message is emphasizing, the this is the best we can do theme. In the real world, the economy is getting worse. We are limping along at 1.7% GDP growth. Ben Bernanke has decided to start printing money again to prop up the economy. This is causing fuel and food prices to increase. Now the Fed’s survey of NY’s manufacturing index fell to it’s lowest level in 3 1/2 years.
(Reuters) – Factory activity in New York state contracted for a second month in a row in September, falling to its lowest level in nearly 3-1/2 years as new orders shrank further, a report from the New York Federal Reserve showed on Monday.
The New York Fed’s “Empire State” general business conditions index dropped to minus 10.41, from minus 5.85 in August, frustrating economists’ forecasts for an improvement to minus 2, according to a Reuters poll. It was the lowest level since April 2009.
The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions. The sector contracted in August for the first time in 10 months.
The Obama Boom continues it’s historic pace!