Monday, September 03, 2012
Happy Labor Day!
However, for all the non-US-slackers, for whom this is just another Monday:
Oh, great, Swedish manufacturing jumped into the ditch. Something about export orders. Employment contracting and everything.
China's manufacturing PMI (Markit version w/ HSBC) fell to 47.6 from 49.3. No happiness there.
Eurozone 45.1, which is better than July's 44, but still a very sharp contraction. Germany 44.7, but export orders still declining hard. Poland and The Czech Republic are still contracting. In the Euro area, Ireland seems to be the bright spot.
Turkey improved to stable at 50. Russia's at 51. Outstanding work is falling. India's at 52.8, which is pretty good considering everything.
In Asia, Indonesia's up again to 51.6. Maybe that doesn't sound so hot, but compared to the rest of Asia it does. China at 47.6, with sharply falling input costs. Taiwan, 46.1!!! South Korea 47.5, which is close to July's number. Japan 47.7, which is close to July's number.
Go drink a beer or grill something. Buy a car. Buy two. Don't read this blog post.
Happy Construction Labor Day
Following the deaths of a number of workers at the hands of the U.S. military and U.S. Marshals during the Pullman Strike, the United States Congress unanimously voted to approve rush legislation that made Labor Day a national holiday; President Grover Cleveland signed it into law a mere six days after the end of the strike.
Perhaps it is time for more national holidays. We could start with...
1. National Outsourcing Day
2. National Transfer Payments Day
3. National Unemployment Day
Once every day is a national holiday, we all win! Hmmm, I did it again. I think that too requires a holiday.
4. National Gallows Humor Day
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