Cue the religious nutters and unconscionable conservatives whining that the mean old commie liberal secular — bin Laden killing – progressives haven’t cleaned up their charred debris fast enough. Which is somehow used as rationale for enacting more of the religious nutter policies that burned the economy to the ground:
EcoPop – The June 2012 ISM Manufacturing Survey PMI declined, -3.8 percentage points, to 49.7% and indicates U.S. Manufacturing just went into contraction after 34 months of growth. In July 2009 the PMI registered 49%. New orders simply fell off of a cliff and hasn’t been this low since April 2009. Prices paid for raw materials absolutely plunged. This is a downright frightening and terrible report.
This particular drop was blamed in part on Asian and Europe slowing. China has been benefiting enormously from a global capital tsunami lifting up an army or three of dirt cheap, educated and manual labor. Considering China is a quasi-coomunist nation for realz, they’ve done a pretty good job managing exploisive capitalist growth for twenty years, but they can’t keep it up forever and it won’t be steady while it lasts. And Europe, well the Austerians got behind the wheel in a few countries and promptly drove their respective economies into the ditch. As is tradition.
The bad news: US economists expect a shitty June jobs report at the end of this week thanks to Eurasia and our own homeland Austerians throwing as much sand as they can fling into the economic machinery (Trolls successful!). The good news: that’s why gas prices have declined, almost a dollar a gallon in some places, over the last few months and why you haven’t had to listen to the usual flocks of mindless parrots tweeting drill baby drill.