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08-18-2022, 05:40 AM #1
BIDEN ECONOMY: More Bad News for the Biden Economy as Manufacturing and Home Build
BIDEN ECONOMY: More Bad News for the Biden Economy as Manufacturing and Home Building Take Big Hits
By Joe Hoft
Published August 17, 2022 at 8:30pm
174 Comments
The Biden economy is not doing as well as the Biden Administration claims. Results in manufacturing and home building are taking big hits.
Market Watch reported on Monday that the manufacturing index in the New York dropped drastically in August.
The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, plummeted 42.4 points to negative 31.3 in August, the regional Fed bank said Monday.
This is the second largest monthly decline on record and among the lowest levels in the survey’s history, the regional Fed bank said.
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Economists had expected a reading of 5.0, according to a survey by The Wall Street Journal.
Any reading below zero indicates deteriorating conditions.
Key details: The index for new orders dropped 35.8 points to negative 29.6 in August.
The shipments index fell 49.4 points to negative 24.1.
Unfilled orders fell for the third straight month.
But not only manufacturing is taking a huge hit, home building is also taking a dive.Home builders pressed on the brakes once again last month as the cost of building supplies remained high and more prospective buyers were priced out of the market.This all comes as inflation is at 40 year highs and interest rates are rising. But this didn’t stop the Democrats from passing a new bill that will increase taxes and add billions to the US debt while spending nearly another trillion in inflation bill that will only hurt the economy.
July housing starts, a measure of new home construction, plunged 9.6% month-over-month and 8.1% from a year ago, according to the US Census Bureau. After a big drop earlier this spring, housing starts had been holding relatively steady up until last month.
Separately, a survey released Monday found home builder confidence fell for the eighth straight month in August as elevated mortgage rates, ongoing supply chain problems and high home prices continued to make homes less affordable for buyers. The National Association of Home Builders/Wells Fargo Housing Market Index is meant to gauge market conditions and looks at current sales, buyer traffic and the outlook for sales over the next six months.
Hat tip Patriot Journal
BIDEN ECONOMY: More Bad News for the Biden Economy as Manufacturing and Home Building Take Big Hits (thegatewaypundit.com)If you're gonna fight, fight like you're the third monkey on the ramp to Noah's Ark... and brother its starting to rain. Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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08-18-2022, 05:48 AM #2
Retarded Joey is on a Roll and so is Canada ... better luck next time America
Justin Trudeau Celebrates After Democrats Sign $700 Billion Spending Bill that Will Benefit Automobile Manufacturers in CanadaIf you're gonna fight, fight like you're the third monkey on the ramp to Noah's Ark... and brother its starting to rain. Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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08-18-2022, 05:51 AM #3
Oh Yeah, yes, he is, like a Drugged-out Rock star
Is Joe Biden Facilitating America’s Demise?
If you're gonna fight, fight like you're the third monkey on the ramp to Noah's Ark... and brother its starting to rain. Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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