Daily Archives: September 27, 2012
The following US economic statistics were announced today:
Durable goods orders collapsed in August, posting a –13.2% decline overall, and a –1.6% decline ex-transportation. It is the worst monthly drop in 3 1/2 years. Aircraft orders fell –101.8%.
GDP growth for the second quarter for the final revision was unexpectedly revised down to 1.3% annualized. The GDP price index rose 1.6%
The Bureau of Economic Analysis says that corporate profits in the 2nd quarter decreased to $1.665 trillion annualized, compared to $1.671 trillion in the first quarter.
Initial jobless claims for last week were down a sharp 26,000 to 359,000, while the 4-week average dropped 4,500 to 374,000. Continuing claims fell 4,000 to 3.271 million.
The Kansas City Fed manufacturing index in August posted at 2 for September, down from 8 last month.
The Bloomberg Consumer Comfort Index rose to –39.6 from –40.8 last week.
The pending home sales index fell –2.6% in August to 99.2, erasing last month’s 2.4% increase.
Apparently it’s time to double down on “global warming”:
More than 100 million people will die and global economic growth will be cut by 3.2 percent of gross domestic product (GDP) by 2030 if the world fails to tackle climate change, a report commissioned by 20 governments said on Wednesday.
Of course, if the world, considering the economic position it’s in now, does decide to spend the money it thinks is necessary to do this, my guess is the result will be as bad if not worse. As has been pointed out many times, the effort to “tackle climate change” would require that trillions be spent on containing the human portion (which is tiny) of a trace gas while the natural sources, necessarily, continue on unabated.
Sounds like a brilliant plan, no?
And all of that with absolutely no assurance that it will change anything except the poverty level. And that will go up markedly.
Then there’s the so-called “science” backing this nonsense. It has been shredded. Because it has been shredded, the public’s interest in the scare tactics from the doomsday environmentalists is at a low ebb. They’re just no buying it.
Finally, there’s nature’s cycles. Oh, my, nature has cycles? Yeah, for billions of years. And the one thing constant about the earth’s climate is change. That means it is always either getting hotter or cooling off. Go figure.
All this to say, “here we go again”. The good news? No interest, no science to back it all up and most of all, no money.
And yes, that’s good news.