Economy slowing down?

posted at 11:01 am on April 18, 2012 by Ed Morrissey

The Obama administration got caught flat-footed a couple of weeks ago by an anemic job-creation report for March from the Department of Labor, and it looks as if that was no fluke.  Two more economic indicators over the last 24 hours show at least a slowdown in the US economy — and potentially bad news for Barack Obama’s prospects in the next election.  Manufacturing output dropped for the first time in four months, as Reuters reported last night:

Manufacturing output slipped for the first time in four months, dropping 0.2 percent, the U.S. Federal Reserve said on Tuesday.

The decline dragged on overall industrial production which was unchanged and fell short of analysts’ expectations.

“It looks pretty bad on the face of it,” said Tom Porcelli, an economist at RBC Capital Markets in New York.

Surging exports and efforts by companies to restock their shelves have made economic growth look more solid in recent weeks.

The factory data did little to change that view, but economists said it suggested the recovery lost a little steam at the close of the first quarter, in part due to headwinds from Europe’s debt crisis, which is weighing on global growth.

On top of that, residential housing starts plummeted 5.8% in March, although permits jumped by over 7%.  Most of the decline came in multi-unit housing.  Permits, however, sharply declined for private single-unit housing:

Privately-owned housing starts in March were at a seasonally adjusted annual rate of 654,000. This is 5.8 percent (±15.6%)* below the revised February estimate of 694,000, but is 10.3 percent (±14.6%)* above the March 2011 rate of 593,000.

Single-family housing starts in March were at a rate of 462,000; this is 0.2 percent (±12.6%)* below the revised February figure of 463,000. The March rate for units in buildings with five units or more was 178,000. …

Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 747,000. This is 4.5 percent (±1.1%) above the revised February rate of 715,000 and is 30.1 percent (±1.6%) above the March 2011 estimate of 574,000.

Single-family authorizations in March were at a rate of 462,000; this is 3.5 percent (±1.1%) below the revised February figure of 479,000. Authorizations of units in buildings with five units or more were at a rate of 262,000 in March.

The best that analysts could offer as positive spin was that the housing market is still trying to find a bottom, after predicting a slight increase to 705,000:

Some analysts speculated that a mild winter in the U.S. led homebuilders to start new projects ahead of schedule, and that March’s decline amounted to a payback.

“Weather was so mild earlier in the year we might have pulled some of the starts forward,” said Mark Foster, who helps manage $500 million at Kirr Marbach & Co. in Columbus, Ind. “But the trend looks good, it feels like the housing market is trying to form a bottom.”

However, the demand for purchases appears to have tailed off again.  The Mortgage Bankers Association reports that purchase applications for mortgages dropped by over 11% last week, even though long-term rates declined.  That did spur a spike in applications, but for refinancing rather than new buyers:

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 6.9 percent in the week ended April 13.

The MBA’s seasonally adjusted index of refinancing applications surged 13.5 percent, but the gauge of loan requests for home purchases dropped 11.2 percent. It was the second week in a row purchases have declined. …

The refinance share of total mortgage activity climbed to 75.2 percent of applications from 70.5 percent the week before.

There isn’t too much mystery about this.  Manufacturing slowdowns mean fewer new hires; fewer new hires means lower demand for home purchases, which leads to fewer housing starts, and all of that gets reflected in the mortgage application statistics.  On top of that, the recent settlement on foreclosures will put more competitive pressure on new housing, as some potential buyers will aim for bargains in foreclosures and short sales rather than pay a premium for new housing.

Obama really needed to show some significant growth this spring.  So far, it looks like the stagnation of the past two springs may be returning a third time.


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I do not have a college degree however my earnings are exceptionally substantial, I could even say embarrassingly so. 99% of college graduates would give away a body part to make what I do, what exactly does that prove though? What does that say for your blind faith in college degrees?

Skwor on April 18, 2012 at 11:24 AM

Logic 101 taught by Professor Skwor

Bill Gates has no degree
He’s a billionaire.
Therefore all college dropouts will become billionaires.

angryed on April 18, 2012 at 11:35 AM

Now you are practicing sophism. I made no inference, you did. I countered your false inference with facts to the contrary and now you try to be clever (by half I would add) in your response.

Assuming you received a college degree I suggest you ask for a return of your tuition cost. Obviously you did not get an adequate return on your investment. I would expect much more from an “educated” individual in the way of reasoning and/or clever retorts.

You are not even fun to debate with as you bring so little challenge to the discussion.

Skwor on April 18, 2012 at 11:43 AM

NotCoach on April 18, 2012 at 11:34 AM

angryed is a Moby.

ed posed as a Tea Partier who thought Romney was too liberal; his purpose was to get conservatives to abandon Romney in the general election, thereby helping 0bama.

angryed’s problem is that he/she lacked the self-discipline to keep his Tea Partier act up, so now ed’s true progressive colors are showing. angryed has been an 0bama shill all along.

MidniteRambler on April 18, 2012 at 11:44 AM

After the failures of such distractions as the War on Women™, The Buffet Rule, and Romney’s dog, you wonder if they’ll think it over first. You know, “thrice bit, once shy.”

Nah.

de rigueur on April 18, 2012 at 11:27 AM

They are following the Rules for Radicals playbook.

The seek to divide by gender (war on women), race (stoking the Trayvon Martin case), and class (Buffett Rule).

I’m not sure where the dog thing plays in but as the playbook emphasizes- never waste a good distraction.

Happy Nomad on April 18, 2012 at 11:44 AM

Lots of private startups out there right now in the space vehicle sector. Of course making predictions is always a crap shoot, but this also could be the best time for a long time to pursue a career in this field. Besides, it is a hard engineering field that also involves aircraft, not just spacecraft.

NotCoach on April 18, 2012 at 11:42 AM

Yup, with Obama out of office the industry could very well experience a growth spurt not seen since the 50′s and 60′s. However if Obama manages to get reelected the outlook for those private space vehicle companies doesn’t look very good at all, as Obama is likely to regulate them right out of existence.

SWalker on April 18, 2012 at 11:46 AM

NotCoach on April 18, 2012 at 11:42 AM

Thanks also. He seems interested in the propulsion side of the house. I was unaware of the many disciplines in areospace. Fluid Dynamics, ….. My boy is mighty excited and his parents are very proud. Did I mention he’s only 16!!!

D-fusit on April 18, 2012 at 11:46 AM

Bmore on April 18, 2012 at 11:41 AM

holy cow.. deep end doesn’t even state the potential.

upinak on April 18, 2012 at 11:46 AM

If I understand what Zero Hedge has been saying the seasonal adjustments to the unemployment rate are going to start being negative over the spring and summer, so the BLS won’t be able to use seasonal adjustments to try to manipulate the unemployment data to look better than it really is.

eyedoc on April 18, 2012 at 11:48 AM

Thanks, his back-up is physics

D-fusit on April 18, 2012 at 11:43 AM

OUCH… Better tell him to make his back up electrical engineering or software. Specifically in the cell processor design or programming fields.

SWalker on April 18, 2012 at 11:49 AM

SWalker on April 18, 2012 at 11:49 AM

Thanks again, I’ll mention that to him.

D-fusit on April 18, 2012 at 11:50 AM

#ObamaEatsEconomy

faraway on April 18, 2012 at 11:51 AM

Where did this lie that this was the worst recession since the depression get started? Did everyone just forget about what Reagan inherited? 10% unemployment, 10% inflation, almost 20% interest rates, gas lines for as far as you could see. Compare that to when Obama took over, 7.5% unemployment, 3% inflation, 4.5% interest rates, gas price of $1.69 a gallon. This recession started off even more shallow than the one during George H.W. Bush’s term.

Capitalist Infidel on April 18, 2012 at 11:53 AM

Thanks also. He seems interested in the propulsion side of the house. I was unaware of the many disciplines in areospace. Fluid Dynamics, ….. My boy is mighty excited and his parents are very proud. Did I mention he’s only 16!!!

D-fusit on April 18, 2012 at 11:46 AM

Sounds like a very smart and motivated kid. Since he is interested in fields that actually do stuff I wouldn’t worry about him too much. If he remains motivated I am sure he will succeed.

NotCoach on April 18, 2012 at 11:55 AM

Thanks, his back-up is physics

D-fusit on April 18, 2012 at 11:43 AM

OUCH… Better tell him to make his back up electrical engineering or software. Specifically in the cell processor design or programming fields.

SWalker on April 18, 2012 at 11:49 AM

I can say that in the power industry we are hiring engineers of any disciple left and right, problem is though that will grind to a halt if we think Obama gets re-elected as he is totally against new power production of any kind.

We know the country desperately needs power and are trying to hedge for it by projected builds after the election and staffing earlier to have a resource pool for those new plants. This is mostly predicated on a much less hostile government after the election.

This includes all types of production, coal, oil, gas, nuclear, bio and so forth. Obama gets re-elected you can take to the bank we will be laying off though becuase those projects will get shelved. I already know of one that was shelved becuase of the current democrats political inclinations and the cost of putting it on hold was to much.

Skwor on April 18, 2012 at 11:57 AM

But they said the unemployment number was going down. We’re supposed to be on the road to recovery and lightness. All we need now is for the rinos to take over and we’ll be saved.

Kissmygrits on April 18, 2012 at 12:00 PM

Where did this lie that this was the worst recession since the depression get started? Did everyone just forget about what Reagan inherited? 10% unemployment, 10% inflation, almost 20% interest rates, gas lines for as far as you could see. Compare that to when Obama took over, 7.5% unemployment, 3% inflation, 4.5% interest rates, gas price of $1.69 a gallon. This recession started off even more shallow than the one during George H.W. Bush’s term.

Capitalist Infidel on April 18, 2012 at 11:53 AM

That’s SOP for the Dems. They always hype any economy under a Republican President as the worst since the Great Depression. Even during Bush 41′s reelection bid with the country technically in a recovery(albeit a mild one), he was tagged as presiding over the “worst economy in 50 years” which was preposterous given the economic conditions of most of the 1970′s and up through 1983 before Reagan’s policies fully kicked in.

Remember how poorly the Dems tried to make everyone think the economy was under Bush 43 in 2004? Unemployment was hovering in the 5′s and we were creating jobs every month, but you’d think we were in the damn Great Depression the way they were talking.

Doughboy on April 18, 2012 at 12:01 PM

We’re in the crowd that caused that spike in refinances–we went from a 30-year loan at 4.75% to a 15-year at 3%, and our monthly payment only went up by about 10%.

Inflation? I say bring it on. Inflate my debt away!

Mohonri on April 18, 2012 at 11:10 AM

That’s right!!! Bring it on!! Except for inflation on food, gas, clothes, cars, etc, because that will just eat up what I save on the cost of the house. And oh, Yeah, you still have to give my those cost of living raises, ’cause the Obonomy is doing so well.

Sophistry.

WryTrvllr on April 18, 2012 at 12:07 PM

Sounds like a very smart and motivated kid. Since he is interested in fields that actually do stuff I wouldn’t worry about him too much. If he remains motivated I am sure he will succeed.

NotCoach on April 18, 2012 at 11:55 AM

He take after his Mom, at least that’s what he thinks.

D-fusit on April 18, 2012 at 12:07 PM

What planet do people live on that they need “economic indicators” to tell them that America’s economy is collapsing?

logis on April 18, 2012 at 12:09 PM

NotCoach on April 18, 2012 at 11:34 AM

angryed is a Moby.

ed posed as a Tea Partier who thought Romney was too liberal; his purpose was to get conservatives to abandon Romney in the general election, thereby helping 0bama.

angryed’s problem is that he/she lacked the self-discipline to keep his Tea Partier act up, so now ed’s true progressive colors are showing. angryed has been an 0bama shill all along.

MidniteRambler on April 18, 2012 at 11:44 AM

The specialed case reminds me of the British story from a day or two ago, -’brain stroke turned me gay’. In specialed’s case perhaps a brain stroke turned him into a drooling moonbat prog.

slickwillie2001 on April 18, 2012 at 12:11 PM

ed posed as a Tea Partier who thought Romney was too liberal; his purpose was to get conservatives to abandon Romney in the general election, thereby helping 0bama.

angryed’s problem is that he/she lacked the self-discipline to keep his Tea Partier act up, so now ed’s true progressive colors are showing. angryed has been an 0bama shill all along.

MidniteRambler on April 18, 2012 at 11:44 AM

angryed has also officially lost his isht, considering some of the accusations he’s dropped in the aftermath of his failed mission.

Red Cloud on April 18, 2012 at 12:11 PM

Now angryed can let his hair down and pretend to be liberal4life.

MidniteRambler on April 18, 2012 at 11:14 AM

wELL, HE’S DOING A BANG UP JOB. cAN WE GET HIM SOME KIND OF AWARD?

katy the mean old lady on April 18, 2012 at 12:13 PM

Oops, sorry

katy the mean old lady on April 18, 2012 at 12:14 PM

angryed has also officially lost his isht, considering some of the accusations he’s dropped in the aftermath of his failed mission.

Red Cloud on April 18, 2012 at 12:11 PM

Accusations?

angryed on April 18, 2012 at 12:14 PM

The country’s economic pains intensify. Flyover country rejoices.

angryed on April 18, 2012 at 11:09 AM

No, no, no, ed! You’re the REAL CONSERVATIVE here, remember? You’re supposedly IN flyover country!

All you have to do is wander into a thread, bash Romney with cherry picked polls, say the election’s over and move on. Is that really too hard for you to keep straight?

Chuck Schick on April 18, 2012 at 12:15 PM

Accusations?

angryed on April 18, 2012 at 12:14 PM

Observations.

Bmore on April 18, 2012 at 12:16 PM

Charles Payne on Fox Business said he talked to some CEOs with positions available and they can’t find anyone that is “competent” in math, English or computer skills.

marinetbryant on April 18, 2012 at 12:17 PM

Wreckcovery Summer 33 1/2 – The Final Insult

Steve Eggleston on April 18, 2012 at 12:22 PM

Charles Payne on Fox Business said he talked to some CEOs with positions available and they can’t find anyone that is “competent” in math, English or computer skills.

marinetbryant on April 18, 2012 at 12:17 PM

Republican solution: eliminate the Dept of Education and fire teachers.

angryed on April 18, 2012 at 12:24 PM

Republican solution: eliminate the Dept of Education and fire teachers.

angryed on April 18, 2012 at 12:24 PM

Democrat solution – borrow more and more money from China and give it to the teachers unions.

Chuck Schick on April 18, 2012 at 12:26 PM

I believe it. I was just in Riverside California. The number of vacant or closed business’ this year compared to a few years ago is truly frightening and depressing.

jawkneemusic on April 18, 2012 at 12:28 PM

Why would anyone think that facts and statistics about continuing poor economic conditions will affect this election?

Why would anyone think that high fuel costs will affect this election?

Why would anyone think that bad unemployment figures will affect this election?

Why would anyone think that the massive government corruption and graft fomented and nurtured by the current administration will affect this election?

Why would anyone think that this president’s disastrous foreign policies will affect this election?

Why would anyone think that an incredibly poor presidential record and a failed presidency will affect this election?

This election is about a cult of personality, “free” government money and handout programs for the takers, maintaining the bureaucratic status quo, and voters so blindly obsessed with their failed liberal/socialist ideology that they will follow it off a cliff rather than admit it has never worked, is not working now, and will never work in the future.

God help us all.

AttaBoyLuther on April 18, 2012 at 12:29 PM

Republican solution: eliminate the Dept of Education and fire teachers.
angryed on April 18, 2012 at 12:24 PM

Angry’s solution: Bitch and moan, demonized republican while retesting to be one and just hate, hate, hate!

Keep on hating hater. I’m sure that will solve America’s problems.

jawkneemusic on April 18, 2012 at 12:30 PM

Even AFTER the Obama administration shrunk the job market to inflate gains in job growth, they can’t fake a recovery! That is just how bad it is. You can’t ‘talk up a recovery’ and hold up a facade with reality knocking on your door every day. I’m in Virginia, a state touch far less than most by this recession and even now I’m noticing more and more empty businesses. Many more than I noticed a year ago or a year before that. Things are not getting better and the guy who bares a large part of that responsibility can’t fake his way out of this hole.

PorchDawg on April 18, 2012 at 12:31 PM

Republican solution: eliminate the Dept of Education and fire teachers.

angryed on April 18, 2012 at 12:24 PM

Teachers are not employed by the Department of Education.

By the way, if the Department of Education is so vital and important to the education and future of our children, then don’t you think that it should actually be helping to INCREASE test scores? Since its creation, American students have consistently been falling behind in math and science in comparison to their counterparts elsewhere.

Resist We Much on April 18, 2012 at 12:35 PM

I believe it. I was just in Riverside California. The number of vacant or closed business’ this year compared to a few years ago is truly frightening and depressing.

jawkneemusic on April 18, 2012 at 12:28 PM

You ever been there? Calling it a shithole would be insulting to shitholes.

angryed on April 18, 2012 at 12:36 PM

How else could the economy do anything but slump given the policies of this President. Unless you work for the IRS then times are tough in this country.

Yakko77 on April 18, 2012 at 12:36 PM

Teachers are not employed by the Department of Education.

Resist We Much on April 18, 2012 at 12:35 PM

When did I say teachers were?

angryed on April 18, 2012 at 12:38 PM

Republican solution: eliminate the Dept of Education and fire teachers.

angryed on April 18, 2012 at 12:24 PM

That would be called States’ Rights. Unless you think the ED should get a “solid B+” for the great job they’re doing. ED… another legacy Carter left us.

That firing of teachers is really gaining traction, isn’t it?

VietVet_Dave on April 18, 2012 at 12:41 PM

Most Famously quote out of Tombstone the movie comes to mind to after this information to Obama.

“Bye”

Conservative4ev on April 18, 2012 at 12:42 PM

Republican solution: eliminate the Dept of Education and fire teachers.

angryed on April 18, 2012 at 12:24 PM

Yeah, that WOULD be a good start. Remember this, it’s from PBS so you can trust it.

http://www.pbs.org/newshour/bb/education/july-dec98/testing_9-15.html

The Dept. of Education? Judging from how American students do on their standardizeds, the DOE isn’t cutting it.

WryTrvllr on April 18, 2012 at 12:43 PM

Who would have thought that the ‘policies’ to get us out of this mess The One inherited would be worse than the ‘policies’ that got us into it.

Who’s pretty sure that The One is clueless as to why?

So, it is unanimous.

PorchDawg on April 18, 2012 at 12:44 PM

Can’t be that tough, everyone I see entering/leaving Redstone Arsenal everyday has a dam brand new car.

Its good to be the King (or by extension a kings minion).

orbitalair on April 18, 2012 at 12:47 PM

Since its creation, American students have consistently been falling behind in math and science in comparison to their counterparts elsewhere.

Resist We Much on April 18, 2012 at 12:35 PM

It’s even worse. Here’s a graphic showing the relationship between increased spending in education and test scores as outcomes:

http://wac.0873.edgecastcdn.net/800873/blog/wp-content/uploads/Spend-Ach-Pct-Chg-small.jpg

See anything wrong here?

PorchDawg on April 18, 2012 at 12:47 PM

You ever been there? Calling it a shithole would be insulting to shitholes.
angryed on April 18, 2012 at 12:36 PM

Actually it’s quite the nice town and full of nice people. I visit a few times a year. But you’re a hater who’s heart is full of hate so it’s no surprise you think the way you do. You probably just hate it because it’s one of the few remaining towns in California that is conservative.

jawkneemusic on April 18, 2012 at 12:51 PM

Also the price of dogmeat has really skyrocketed; you can’t get a decent Springer Spaniel fillet for less than $10/pound.

Bishop on April 18, 2012 at 11:06 AM

Hey, not cool!!

English Springer on April 18, 2012 at 12:53 PM

NotCoach on April 18, 2012 at 11:34 AM
angryed is a Moby.

ed posed as a Tea Partier who thought Romney was too liberal; his purpose was to get conservatives to abandon Romney in the general election, thereby helping 0bama.

angryed’s problem is that he/she lacked the self-discipline to keep his Tea Partier act up, so now ed’s true progressive colors are showing. angryed has been an 0bama shill all along.

MidniteRambler on April 18, 2012 at 11:44 AM

TOLD YOU SO weeks ago! I can’t believe this moby troll has not been banned. Or at least create an “ignore” function so I don’t have to waste my life skipping over her omnipresent rantings!

AirForceCane on April 18, 2012 at 12:54 PM

You ever been there? Calling it a shithole would be insulting to shitholes.

angryed on April 18, 2012 at 12:36 PM

And calling you an a-hole would do the same.

Chuck Schick on April 18, 2012 at 12:55 PM

Actually it’s quite the nice town and full of nice people. I visit a few times a year. But you’re a hater who’s heart is full of hate so it’s no surprise you think the way you do. You probably just hate it because it’s one of the few remaining towns in California that is conservative.

jawkneemusic on April 18, 2012 at 12:51 PM

LOL. Riverside is a nice town, now that’s funny. You know who lives there? People who can’t afford to live in LA, ie society’s losers.

angryed on April 18, 2012 at 12:56 PM

PorchDawg on April 18, 2012 at 12:47 PM

One wonders what test scores they used for the graph.

The SATs were “recentered” in 1996 to stop the slide. Anyone who took them pre-96 needs to add 110 points to their combined score to compare to today’s scores.

WryTrvllr on April 18, 2012 at 12:56 PM

And calling you an a-hole would do the same.

Chuck Schick on April 18, 2012 at 12:55 PM

My oh my. The flyover comebacks are both clever and original this morning.

angryed on April 18, 2012 at 12:56 PM

Economy slowing down?
posted at 11:01 am on April 18, 2012 by Ed Morrissey

The Obama administration got caught flat-footed a couple of weeks ago by an anemic job-creation report for March from the Department of Labor

Obama admin caught flat-footed by Argentina nationalization of Spanish oil company
posted at 12:11 pm on April 18, 2012 by Ed Morrissey

New meme, Ed? I like it!

topdog on April 18, 2012 at 1:02 PM

LOL. Riverside is a nice town, now that’s funny. You know who lives there? People who can’t afford to live in LA, ie society’s losers.
angryed on April 18, 2012 at 12:56 PM

Right because crime ridden, over expensive, dirty, hot and crowded LA is where all the prestigious, well educated, societies elites live right?

LA is a hell hole.

jawkneemusic on April 18, 2012 at 1:04 PM

WryTrvllr on April 18, 2012 at 12:56 PM

That’s a good and fair question. I didn’t post any of the links analyzing the data, but if you use the following in a search engine, you’ll be able to find any number of such links. I think that is better than me pointing you toward one and seeming to be biased.

cato education spending test scores

There are other, similar charts showing the data adjusted and unadjusted for economic conditions, but either way, the message seems pretty clear. This is also a very interesting chart showing U.S. spending and test scores in relation to other countries. The same links will provide an analysis of this chart as well…or give you access to them.

http://2.bp.blogspot.com/_-EMpadQx4hM/TSJVshirNzI/AAAAAAAAAZ4/F_3wgTxEZlE/s1600/coutnries1.png

PorchDawg on April 18, 2012 at 1:08 PM

It is very strange…Lib4life gets banned and then Mr. Ed suddenly starts sounding exactly like it.

BeachBum on April 18, 2012 at 11:35 AM

Every village needs an idiot.

Happy Nomad on April 18, 2012 at 11:38 AM

I don’t know I think he is chumming and seeing what hits the bait ….
BTW I have been wrong b4 ….. :D

conservative tarheel on April 18, 2012 at 1:58 PM

Republican solution: eliminate the Dept of Education and fire bad teachers.

angryed on April 18, 2012 at 12:24 PM

FIFY.

dominigan on April 18, 2012 at 1:59 PM

My oh my. The flyover comebacks are both clever and original this morning.

angryed on April 18, 2012 at 12:56 PM

I live in Los Angeles, you dumbass.

Chuck Schick on April 18, 2012 at 2:01 PM

The country’s economic pains intensify. Flyover country rejoices.
angryed on April 18, 2012 at 11:09 AM

Lefty poster unsuccessfully tries to change the subject away from the Puppy Muncher’s economic illiteracy and abject failure.

Dr. Carlo Lombardi on April 18, 2012 at 2:10 PM

It looks like in that front page pic that Teh One is inspecting his new American Taxpayer Economic Recovery Tool.

eeyore on April 18, 2012 at 2:36 PM

Between now and the end of October, don’t purchase anything you don’t need – clothes, gifts, durable goods, automobiles — any increase in retail sales helps the Empty Suit.

Bank your tax refund or pay down debt. Don’t spend the refund.

If we delay non-essential purchases, we can have the greatest holiday season of our lives knowing that Obama is on his way out the door.

matthew8787 on April 18, 2012 at 2:57 PM

what was the dow at day of obama’s inauguration? Just under 8000.

Can anyone tell me what it is today, after 3 years of this guy?

I dunno why republicans want to run on the economy. Doesn’t seem like the best idea considering their record.

triple on April 18, 2012 at 3:13 PM

The Dow? Oh please cherry-pick some more. It’s fun to watch.

ConservativeLA on April 18, 2012 at 3:29 PM

what was the dow at day of obama’s inauguration? Just under 8000.

Can anyone tell me what it is today, after 3 years of this guy?

I dunno why republicans want to run on the economy. Doesn’t seem like the best idea considering their record.

triple on April 18, 2012 at 3:13 PM

Why do you 1%-ers hate Main Street so much?

Chuck Schick on April 18, 2012 at 3:33 PM

TOLD YOU SO weeks ago! I can’t believe this moby troll has not been banned. Or at least create an “ignore” function so I don’t have to waste my life skipping over her omnipresent rantings!

AirForceCane on April 18, 2012 at 12:54 PM

I’ll admit he had me fooled. Yesterday was the first day I was really sure. I thought the stress of having his hero’s puppy munching tendencies go public may have set him off.

a capella on April 18, 2012 at 3:42 PM

SWalker, my oldest boy just got accepted into a college and their areospace engineering program, should he reconsider?

D-fusit on April 18, 2012 at 11:37 AM

It is my experience that the true value of a college degree is that it demonstrates self-discipline and an ability to learn. The actual subject of the degree is less important…especially in technical fields….because regular progress in specific technologies will likely make those specific technologies obsolete before or shortly after the graduate actually has a job in his chosen field.

In my own case, my electrical engineering degree included vacuum tube electronics with an introduction to transistors, and NO computer programming although I did take a zero credit course in FORTRAN programming (at the time the university figured that anything which involved typing was a secretarial skill and should not be the subject of a college-level course). In my subsequent career, I worked mostly with integrated circuits of ever-increasing complexity, and taught myself a variety of computer languages. I ended up running my own software company for the past 30 years. So, in summary, practically the entirety of my career was spent working in fields which did not exist while I was earning my degree.

So if aerospace interests your son, encourage him to do as well as possible in school! But also encourage him to also look into new things and learn about them at every opportunity. Accumulating math skills, business skills, writing ability, and honing public speaking skills (you have to SELL your ideas and technical innovations) will also be valuable no matter what happens. You never know what the future may bring.

landlines on April 18, 2012 at 4:03 PM

really with gas at $4.00/gal no one saw this coming? really? Are our leaders so out of touch that they don’t see the connection between high energy prices and economic growth? I called this over a month ago. Gas needs to be beloew 3.50 /gal to have any economic growth.

PERIOD END OF STORY.

unseen on April 18, 2012 at 4:23 PM

There isn’t too much mystery about this. Manufacturing slowdowns mean fewer new hires; fewer new hires means lower demand for home purchases, which leads to fewer housing starts, and all of that gets reflected in the mortgage application statistics

Ed even you don’t get it. Gasoline prices slow down demand which slows down manufacturing which means fewer new hires etc. People need to wake up and understand ALL economic activity is impacted by gasoline prices. period end of story.

unseen on April 18, 2012 at 4:27 PM

Well if you are going in the wrong direction and you slow down it’s a good thing. Right? That would make this slow down the first thing Oblamer has done right.

chicken thief on April 18, 2012 at 4:27 PM

I think that I’m done with HA, at least until after the election. HA threads seem to be overly dominated now by angry, rude posters who don’t seem very interested in having a civil conversation about how to advance conservative causes and principles. Too many of the conversations on HA have devolved into a cesspool of sniping by name-callers and back-biters who are either liberal/progressive trolls masquerading as conservatives or conservatives who have decided to become like the enemies of conservatism. When I first began reading and posting on HA a few years ago, I actually enjoyed being here. I don’t anymore. Maybe the moderators need to reconsider what they think a “conservative blog” should actually be and limit participants to those who a capable of carrying on a dialog that is worthy of the conservative brand. As it stands now, too many posters on HA are looking more and more like the DailyKos crowd.

NuclearPhysicist on April 18, 2012 at 5:20 PM

And a week from now we’ll get all of these “positive economic indicators” thrown at us by the LSM and even FNN will go along.

Things aren’t as bad as I’d thought they’d be by this time, but I can’t by rosy predictions, either.

Dr. ZhivBlago on April 18, 2012 at 11:02 PM

buy

Dr. ZhivBlago on April 18, 2012 at 11:02 PM

On top of that, residential housing starts plummeted 5.8% in March, although permits jumped by over 7%.  Most of the decline came in multi-unit housing.  Permits, however, sharply declined for private single-unit housing:

Privately-owned housing starts in March were at a seasonally adjusted annual rate of 654,000. This is 5.8 percent (±15.6%)* below the revised February estimate of 694,000, but is 10.3 percent (±14.6%)* above the March 2011 rate of 593,000.

Maybe Ed didn’t mean the top statement, “… residential housing starts plummeted 5.8% in March…“, but that doesn’t make sense.

Consider the following reference regarding statistics from the source Ed links above…

* 90% confidence interval includes zero. The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

I’m not a statistician, but this means the 5.8% decrease that Ed alludes to above truly lies somewhere in the range from 5.8% +/- 15.6%, or in other words, somewhere between -9.8% and 21.4%, including all points in between…

The only relevant point anyone, including Ed, should make is that there is NO significant change among the numbers above, which does not lessen the point.

Let’s not become like liberals who try to see significance where there is none…

Danny on April 18, 2012 at 11:58 PM

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