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The index has not recovered from the big dip it took a few months back. I mentioned this before, but this was the only manufacturing index that did not collapse in the recession scare in 2011. It is joining the other indexes this time. Lets look at the internals.
Here are the new orders and backlog sub indexes.
That brings us to the employment index.
The employment index is on the edge of contraction now. All these charts are worse then they ever were last year. None of the manufacturing data in Oct. showed any real sign of a meaningful uptick. Layoffs are coming very soon if the economy does not start picking up again.
Bob
2 comments:
I have been surprised to see layoffs being announced already. Thanks for the insight, Bob.
The regional manufacturing employment indexes have been sending out warning signals. I guess reality is starting to catch up now.
Bob
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