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Economy

Manufacturing & Construction, Dual Misery But Hints Of Decent News

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By Douglas A. McIntyre Updated Published
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Burning_money_pic_3Covering U.S. and global economic data is not exactly the most optimistic of topics today.  The good news is that some of the bad news is not as bad it could be.  Today’s additional data is from the Institute of Supply Managements, or ISM), on manufacturing and then from construction spending for December.

The ISM reported that manufacturing is still contracting.  The Januaryreading was 35.6.  That is well above a revised reading of 32.9 inDecember and above 32.0 estimates, but is still well under the 50.0level of break-even.  The prices paid component also rose to 29.0 from18.0 in December.  There was actually no change in the employmentcomponent at 29.9.

Construction spending in December was -1.4%, worse thanestimates of -1.0%.  We also saw a preliminary number 0f -0.6% forNovember get revised to an even worse reading of -1.2%.

Again, much of this data is either coming in slightly ahead ofestimates or just not as badly as expected.  Many wonder if that meansthat bad news just hasn’t been fully worked into the system.  Some mayeven call it manipulated.

Jon C. Ogg
February 2, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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