The economic news is all bad, and I mean 100 percent bad to the bone. As in a nightmare. As in an Obama Great Depression. Just as I’ve warned and predicted for 3 years now- Obama’s policies would lead to economic disaster. It’s happening.
The Chicago PMI (Purchasing Managers Index) collapsed to 52.7 from 56.5. This is a miss as wide as the Grand Canyon. That’s the lowest it has been since September of 2009. What this all means is that manufacturing is grinding to a halt in Chicago- Obama’s hometown. If the President can’t make the economy go up in his own hometown (with bailouts, stimulus, green energy, government “investments” etc.), what do you think that means for the rest of us?
Claims for jobless benefits rose. The number of Americans workers going without paychecks for 6 months or more stands now at 5.4 million. That’s up 300,000 just since April. In May, employers announced plans to cut nearly 62,000 jobs, a 53% increase versus April, and 67% versus May of last year. Private employers created only 69,000 jobs, well below the expected number of 150,000. And GDP was a disappointing 1.9%, even lower than an anemic 2.2% last month. This is like playing LIMBO- how low can we go under Obama?