We apologize for that brief interruption to our normal downbeat economic news with coverage of the debt ceiling crisis. We now return to our regular news:
This morning Wall Street was taken aback with more bad news about the general economy. The Institute for Supply Management’s manufacturing index plummeted to 50.9 from 55.3. The index monitors the growth in the manufacturing sector.
Today’s ISM number was the lowest level since July 2009. Market analysts had expected the number to small dip only to 54.9.
Combined with last quarter’s anemic 1.3% growth and a June report of only 18,000 new jobs, the public can return from the debt ceiling debate just in time to be reminded of why President Obama’s approval ratings are at all time low.