Basking in the economic glow of $20 trillion in deficit spending, President Obama has decided to jet off to Europe to secure the Olympics for Valerie Jarrett, Richard Daley and friends.
Meanwhile, today's release of the PMI index splashed cold water on the administration and the mainstream media (but I repeat myself):
Analysis, Spock?SEPT CHICAGO PURCHASING MANAGERS INDEX: 46.1 V 52E
- Prices Paid: 51.3 v 50.0 last
- New Orders: 46.3 v 52.5 last
- Employment: 38.8 v 38.7 last
- Inventories: 38.9 v 27.5 last
- Supplier Deliveries: 49.3 v 54.6 last
- Production: 47.2 v 52.9 last
- Order Backlogs: 36.7 v 45.8 last
Captain, the overall PMI was dramatically worse than expected.
Prices were up: bad.
New orders were down: bad.
Inventories up: bad.
Supplier deliveries down: bad.
Production down: bad.
Order backlogs down huge: really, really bad.
I guess Obama was right when he said, "We are the change we’ve been looking for."
Hat tip: Market Ticker.