24/7 Wall St.
02-02-2009, 10:40 AM
24/7 Wall St. Daily News
http://www.247wallst.com/images/2009/02/02/burning_money_pic_3.jpg (http://247wallstreet.typepad.com/.shared/image.html?/photos/uncategorized/2009/02/02/burning_money_pic_3.jpg) Covering U.S. and global economic data is not exactly the most optimistic of topics today. The good news is that some of the bad news is not as bad it could be. But it is still bad news when you consider how the economy is running. Today's additional data is from the Institute of Supply Managements, or ISM), on manufacturing and then from Construction Spending for December.
The ISM reported that manufacturing is still contracting. The January reading was 35.6. That is well above a revised reading of 32.9 in December and above 32.0 estimates, but is still well under the 50.0 level of break-even. The prices paid component also rose to 29.0 from 18.0 in December. There was actually noi change in the employment component at 29.9.
Construction spending in December came in at -1.4%, worse than estimates of -1.0%. We also saw a preliminary number 0f -0.6% for November get revised to an even worse reading of -1.2%.
Again, much of this data is either coming in slightly ahead of estimates or just not as bad as expected. Many wonder if that means that bad news just hasn't been fully worked into the system. Some may even call it manipulated.
Jon C. Ogg
February 2, 2009
http://feeds.feedburner.com/~f/typepad/RyNm?i=RPO1TU.Q (http://feeds.feedburner.com/~f/typepad/RyNm?a=RPO1TU.Q) http://feeds.feedburner.com/~f/typepad/RyNm?i=R89hr8.Q (http://feeds.feedburner.com/~f/typepad/RyNm?a=R89hr8.Q) http://feeds.feedburner.com/~f/typepad/RyNm?i=kqASrt.q (http://feeds.feedburner.com/~f/typepad/RyNm?a=kqASrt.q)
complete story here... (http://www.247wallst.com/2009/02/manufacturing-c.html)
http://www.247wallst.com/images/2009/02/02/burning_money_pic_3.jpg (http://247wallstreet.typepad.com/.shared/image.html?/photos/uncategorized/2009/02/02/burning_money_pic_3.jpg) Covering U.S. and global economic data is not exactly the most optimistic of topics today. The good news is that some of the bad news is not as bad it could be. But it is still bad news when you consider how the economy is running. Today's additional data is from the Institute of Supply Managements, or ISM), on manufacturing and then from Construction Spending for December.
The ISM reported that manufacturing is still contracting. The January reading was 35.6. That is well above a revised reading of 32.9 in December and above 32.0 estimates, but is still well under the 50.0 level of break-even. The prices paid component also rose to 29.0 from 18.0 in December. There was actually noi change in the employment component at 29.9.
Construction spending in December came in at -1.4%, worse than estimates of -1.0%. We also saw a preliminary number 0f -0.6% for November get revised to an even worse reading of -1.2%.
Again, much of this data is either coming in slightly ahead of estimates or just not as bad as expected. Many wonder if that means that bad news just hasn't been fully worked into the system. Some may even call it manipulated.
Jon C. Ogg
February 2, 2009
http://feeds.feedburner.com/~f/typepad/RyNm?i=RPO1TU.Q (http://feeds.feedburner.com/~f/typepad/RyNm?a=RPO1TU.Q) http://feeds.feedburner.com/~f/typepad/RyNm?i=R89hr8.Q (http://feeds.feedburner.com/~f/typepad/RyNm?a=R89hr8.Q) http://feeds.feedburner.com/~f/typepad/RyNm?i=kqASrt.q (http://feeds.feedburner.com/~f/typepad/RyNm?a=kqASrt.q)
complete story here... (http://www.247wallst.com/2009/02/manufacturing-c.html)