The Mess That Greenspan Made - Part 415

ISM Manufacturing Index Beats Estimates

The broadest measure of manufacturing activity in the U.S. came in better than expected, the ISM Manufacturing Index rising from 50.6 in August to 51.6 in September with the important new orders component unchanged at 49.6 indicating only a modest contraction.

There were improvements in production (up from 48.6 to 51.2) and the employment component (up from 51.8 to 53.8) though backlogs fell (down from 46.0 to 41.5), a sign of an ongoing slump in new business that managers hope doesn’t get any worse.

Those wondering if 2011 will “rhyme” with 2008 are advised that, three years ago, this index plunged from 49.3 in August to 43.4 in September before tumbling further to 38.7, 36.6, and then an ultimate low of 32.9 in December. We’ve yet to have anything resembling the late-2008 plunge, despite some horrific regional reports in recent months.

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Hey, A Girl’s Gotta Live

There’s an interesting collection of pictures from the ever-expanding Occupy Wall Street protest over at The Atlantic (hat tip Patrick.net), one of my favorites shown below.

With the mass arrest on Saturday, this story has really gained a lot of traction in just the last few days, a simple Google News search on “Wall Street Protest” now turning up such names as The Washington Post, CBS News, and the New York Times rather than just the Guardian, as was the case for much of the first ten days or so.

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Monday Morning Links

MUST READS
Greek gloom rocks markets, troubles lenders – Reuters
Greece to miss deficit targets; more cuts loom – MarketWatch
Eurozone manufacturing activity contracts in September – BBC
Falling U.S. Wages Threaten Consumer Spending – Bloomberg
Eurozone ‘euroquake’ awaits if Greek default is bungled – Telegraph
Protectionism beckons as leaders push world into Depression – Telegraph
JPMorgan Chase Donates $4.6 Million To NYPD During OWS Protest – ology
Anti-Wall Street Protests Reach ‘Prime Time’ – Bloomberg
Recession, Restructuring, and the Ring Fence – Hussman Funds
Holding China to Account – Krugman, NY Times
Monetary policy and democracy – EconBrowser
House Is Gone but Debt Lives On – WSJ

MARKETS/INVESTING
Oil falls to $78 on prospect of weak demand – AP
Gold rises after Greece rocks markets – Reuters
Stock Slump Deepens in Europe and Asia – NY Times
Investors Sing a New Tune—’Won’t Get Fooled Again’ – WSJ
“Gold Is A Most Volatile, Unstable, Fickle And Risky Asset” – Forbes
Have gold and silver market conditions changed, fundamentally? – Mineweb
Barclays: Physical godl demand will drive next bull rally – Commodity Online
Should the recent price fall mean gold no longer a “safe haven”? – Mineweb
Qatari wealth fund plans $10bn gold buying spree – Telegraph
Dollar Beats All Assets, Thwarts S&P Downgrade – Bloomberg

ECONOMY/WORLD/HOUSING/BANKING
Fitch Lowers Global Growth Forecasts – CNBC
Economists: Consumers won’t save the economy – USA Today
To boost economy, U.S. wants to import shoppers – Washington Post
China factory activity picks up, export orders recover – Reuters
What Would It Take To Save Europe? – Baseline Scenario
Roubini Says Europe Needs €2 Trillion ‘Bazooka’ – Bloomberg
Japan’s tankan sentiment survey ticks higher – MarketWatch
A simple solution to ease the squeeze on homeowners – Washington Post
Stop paying mortgage at your own risk – O.C. Register
To fix the economy, first fix the housing market – CNN/Money
NY Fed May Demand Reports From Europe Banks – Bloomberg
David Stockman: Blame The Fed! – Chris Martenson

 

A Liberal Version of the Tea Party?

It would appear as though the two-week long Occupy Wall Street protest is gathering momentum after some 700 people were arrested yesterday after they blocked traffic on the Brooklyn Bridge as detailed in this report at Fox Business News.

Based on the video above – now with their own food kitchen and media center in New York City – it looks as though they’re planning to hang around for a while, some now thinking that the group could have an impact on the 2012 elections.

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