The Philadelphia Fed Index dropped sharply.
The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, decreased from a reading of 8 in June to 5.1 in July. The index, although still positive and suggesting growth, has fallen for two consecutive months. Indexes for new orders and shipments also suggest a slowing this month: The new orders index fell 13 points, to its first negative reading in 12 months, and the shipments index decreased 10 points but remained positive. Indicating weakness, indexes for both delivery times and unfilled orders fell and were in negative territory this month.
The New York Empire State Manufacturing Survey also shows declines.
The University of Michigan Sentiment Index cliff dove to 66.5 from 76.0 in June.
From the JOLTS job survey we see horrific numbers on job openings. We might have 4,504,000 hires in May, but we also have 4,085,000 fires (well, not all fires but the bottom line there are 4.7 people needing a job per opening).
There were 3.2 million job openings on the last business day of May 2010, the U.S. Bureau of Labor Statistics reported today. The job openings rate was little changed over the month at 2.4 percent. The hires rate (3.4 percent) was little changed and the separations rate (3.1 percent) was unchanged.
Let's not forget the trade deficit, which jumped 4.73% in a month. Notice how those who are in denial on jobs being offshore outsourced and foreign guest workers are imported instead of hiring Americans for American jobs never mention the deficit word? Sorry folks, deficits do matter and it is a reflection of jobs lost, economic growth lost and the shipping of the American dream and her economy overseas.
On the employment front, we need 10,600,000 jobs just to get to the miserable labor market conditions before this recession.
The bottom line is the economy is goin' south again and frankly it is this government's fault. They saved the banks and not the people. They saved the toxic assets and not people's homes. They poured trillions of Federal Reserve loans into the banks and we still have a $1 trillion dollar Fannie and Freddie bail out with no end in sight. Congress literally claimed derivatives are profitable and did nothing about them in legislative practice. The great corporate casino is open for business, not a sheriff in sight, with all of that money going into their gambling schemes and not into investing in America.
They refused to cancel Federal and State offshore outsourced contracts, when we desperately need those jobs. They refuse to stop their inane global labor arbitrage agenda through foreign guest workers and manipulation of immigration policy. They refuse to confront China on it's currency manipulation or trade practices and they refuse to be smart and implement true Keynesian stimulus. Instead we got this Faux pas version, which did not require funds be used to Buy American and Hire America. This sent billions of U.S. taxpayer dollars helping out other national economies instead of our own.
They pass health care laws which strengthen the insurance companies and for profit sector, doing nothing about costs, they pass window dressing and call that Financial reform when it does nothing about the real causes of the Financial crisis. Bottom line, they simply will not, refuse, deny to pass real policies and plans to save the United States and her economy, middle class.
Even more frightening, the new grassroots movement of radical conservatives would bring this country to it's knees. What they spout is pure economic fiction that sounds great in a sound byte only.
Here's the big news, without the U.S. middle class, you don't have a national economy in the United States.