The Private Sector is Doing Fine, Except Manufacturing Dropped 3%
First, a message from President Obama:
Now, the facts:
U.S. manufacturing shrank in June for the first time in nearly three years, adding to signs that economic growth is weakening.
Production declined, and the number of new orders plunged, according to a monthly report released Monday by the Institute for Supply Management.
The slowdown comes as U.S. employers have scaled back hiring, consumers have turned more cautious, Europe faces a recession and manufacturing has slowed in big countries like China.
“This is not good,” said Dan Greenhaus, chief economic strategist at BTIG, an institutional brokerage.
Clearly Dan is a glass is half full kind of guy. After all, if manufacturing is down, people might lose their jobs. If people lose their jobs, they’ll probably end up on food stamps.
And as we all know, food stamps stimulate the economy:
Is there any wonder more Americans trust Republicans with the economy now? No, the real wonder is why anyone trusts liberals with it.
Hat Tip: Gateway Pundit