The Land of Lincoln used to mean
something. One was proud to say that she was from Illinois
because of, not only President Lincoln, but many other
accomplishments like the wonderful city of Chicago - until
now. Sadly, it's getting to the point that any average
Illinois citizen will ignore the once venerable metropolis on the
lake - oh, how much has changed.
Let's start with the day's economic
data, which are very important for total US supply & demand
metrics, and GDP guesstimates. The Chicago PMI is an
important data point for the overall GDP data of the country, so
whether it is good or bad, one must pay attention. What's
odd, however, is that when it is bad (like Wednesday), the usual
analyst's say it just isn't important enough to worry about.
From Bloomberg we read:
Giant swings are common enough for the Chicago PMI which
collapsed nearly 6 points in September to a sub-50 reading of
48.7. This indicates slight monthly contraction in the
Chicago region's composite activity.
New orders are below 50
as are backlog orders, the latter for an 8th straight month.
Chicago-area businesses can't rely on backlogs as much to keep up
production which is also under 50 and at a 6-year low. Contraction
in prices is deepening.
Wow, that's some kind of BAD report
from the government! What's good news, however, is that this is not
bad news. You see, when the data sucks-like-a-straw and
you're part of the government, you just ignore it.
Done. What's odd, however, is that I didn't see any reporting
on this data series after the initial report: it was
ignored.
The Chicago PMI was expected to show
a reading of 53.6; however, it was an embarrassingly low
48.7! Meh -- just tell the idiot reporters that it's still
all good as long as it's above, umm...48.0?...yeah, that will work
for a while.
"What? Dude, that's some heavy
stuff. Wait! Did you say Jay Cutler was playing Sunday?"
OMG never mind - I gotta pay NEW & HIGHER TAXES because,
well, it's Chicago and we all just go along with the Socialist
Utopia of the Democrats that have run the place for MULTIPLE
DECADES...like Detroit.
Not happy?
--->>>> HEY LOOK...there's a
squirrel!! All fixed.
Yes, a VERY long time ago Illinois
used to mean something...but in the land of Madiganstan --- it's
not so good. (hint - Mike Madigan, Democrat House Leader, has
run the entire state for decades)
Yes Illinois my lovely debt riddled state. you know
Illinois is not even paying Lottery winners at the moment delaying
months because of budget.
My bother who owns a business here won't do work for the state
because many times IL won't pay the bill for 6 or 9 months, so on a
100K job for example he might have to buy 80K worth of parts out of
his own pockek (make 10 - 20K profit when it's done), so if the
state doesn't pay him for 9 months, that really puts him in hurt
for a while
Levin - Illinois
Posted by sbaxman111 on 1st of Oct 2015 at 09:49 am
LARRY'S MORNING COMMENTARY
The Land of Lincoln used to mean something. One was proud to say that she was from Illinois because of, not only President Lincoln, but many other accomplishments like the wonderful city of Chicago - until now. Sadly, it's getting to the point that any average Illinois citizen will ignore the once venerable metropolis on the lake - oh, how much has changed.
Let's start with the day's economic data, which are very important for total US supply & demand metrics, and GDP guesstimates. The Chicago PMI is an important data point for the overall GDP data of the country, so whether it is good or bad, one must pay attention. What's odd, however, is that when it is bad (like Wednesday), the usual analyst's say it just isn't important enough to worry about.
From Bloomberg we read: Giant swings are common enough for the Chicago PMI which collapsed nearly 6 points in September to a sub-50 reading of 48.7. This indicates slight monthly contraction in the Chicago region's composite activity. New orders are below 50 as are backlog orders, the latter for an 8th straight month. Chicago-area businesses can't rely on backlogs as much to keep up production which is also under 50 and at a 6-year low. Contraction in prices is deepening.
Wow, that's some kind of BAD report from the government! What's good news, however, is that this is not bad news. You see, when the data sucks-like-a-straw and you're part of the government, you just ignore it. Done. What's odd, however, is that I didn't see any reporting on this data series after the initial report: it was ignored.
The Chicago PMI was expected to show a reading of 53.6; however, it was an embarrassingly low 48.7! Meh -- just tell the idiot reporters that it's still all good as long as it's above, umm...48.0?...yeah, that will work for a while.
"What? Dude, that's some heavy stuff. Wait! Did you say Jay Cutler was playing Sunday?" OMG never mind - I gotta pay NEW & HIGHER TAXES because, well, it's Chicago and we all just go along with the Socialist Utopia of the Democrats that have run the place for MULTIPLE DECADES...like Detroit.
Not happy? --->>>> HEY LOOK...there's a squirrel!! All fixed.
Yes, a VERY long time ago Illinois used to mean something...but in the land of Madiganstan --- it's not so good. (hint - Mike Madigan, Democrat House Leader, has run the entire state for decades)
Yes Illinois my lovely debt
Posted by matt on 1st of Oct 2015 at 09:54 am
Yes Illinois my lovely debt riddled state. you know Illinois is not even paying Lottery winners at the moment delaying months because of budget.
My bother who owns a business here won't do work for the state because many times IL won't pay the bill for 6 or 9 months, so on a 100K job for example he might have to buy 80K worth of parts out of his own pockek (make 10 - 20K profit when it's done), so if the state doesn't pay him for 9 months, that really puts him in hurt for a while
I'll second that, Matt. Most
Posted by bverse on 1st of Oct 2015 at 10:40 am
I'll second that, Matt. Most of us thinking Illinoisans have backup plans to flee this state of waste of corruption.