Biden's economy continues its slow descent into failure

[JGalt]

​

February's US manufacturing surveys are indicating that we're heading for stagflation, while the Biden administration is in complete denial.

US Manufacturing Surveys Signal Stagflation Resurgence In February​

"Despite the market's 'tightening' of policy, February saw US Macro data surprising dramatically and serially to the upside and while many of the regional Fed surveys have signaled economic slowdowns, the national Manufacturing survey data from ISM and PMI today were expected to rise (but both to remain in contraction sub-50).

S&P Global's US Manufacturing PMI February final printed 47.4, below the flash 47.7, but above January's 46.9

ISM's US Manufacturing February printed , versus expectations of 48.0, from January's 47.4

That is the 4th straight month of US Manufacturing contraction (sub-50 prints) with S&P Global seeing slowing orders, weaker production, and prices re-accelerating. ISM data also showed a huge jump in Prices Paid, back above 50, while new orders rose but remain below 50 for the 6th straight month...

All of the ISM Manufacturing's drivers were negative MoM...

Which is reflected in the respondents' comments:

• “Expect the first half of 2023 in the U.S. to be slower than the second half. Expect slower orders throughout 2023 for Europe.”
• “A slowdown in new housing construction and concerns of a slowing economy have customers delaying purchases in an effort to destock."
• “Business and new orders are softening, and customers are pushing out current orders.”

US Manufacturing Surveys Signal Stagflation Resurgence In February | ZeroHedge

 

[Ringo]

A few posts about the inexorable act of a world crisis of capitalism destroying everything in its path, from which there is no way out.
1/ The leader of British Labour: "By 2030 British people will be poorer than people in Poland, Hungary and Romania.
Considering that Eastern Europe is also on the road to the abyss, after decades of carefree life on credit, the statement is remarkable.
2/South Korea's economy.
Industrial production in January 2023 (vs. January 2022)
Fact: -12.7%
Forecast: -8.9%
Previous: -10.5% (revised from -7.3%)
Worse than expected.
3/ "German inflation in February rose 9.3% from the same month a year earlier, preliminary data from the Federal Statistical Office showed, beating analysts' expectations of a 9.0% gain and slightly exceeding January's 9.2% increase."

 

[schmidlap]

The Devastating Impact of Global Inflation​

​

Amidst global inflation, the U.S. economy is surging.​

U.S. private payrolls increase in February -ADP​

March 8, 2023​

​

U.S. private payrolls increased more than expected in February, pointing to continued labor market strength.​

​

Private employment increased by 242,000 jobs last month, the ADP National Employment report showed on Wednesday. Data for January was revised higher to show 119,000 jobs added instead of 106,000 as previously reported. Economists polled by Reuters had forecast private employment increasing 200,000.​

​

Job growth was robust in January, with the unemployment rate falling to a more than 53-1/2-year low of 3.4%. Consumer spending rebounded strongly and inflation picked up in January.​

MSN

www.msn.com

​

However threats of welching on the tab the nation has run up could destroy the prosperity:

Roughly 25% of our total national debt incurred over the last 230 years occurred during the 4 years of the Trump administration.

"I'm the king of debt!"​

 

[Ringo]

 

[Ringo]