Here Comes The Double Dip Pt. 3

[OilFinder2]

Russia's Manufacturing PMI Climbs To 53.2, New Order Growth Accelerates To The Fastest Rate Since March 2011

The volume of new orders received by Russian manufacturers rose for the eighth successive month in May. Moreover, the rate of expansion was the fastest since March 2011, and slightly sharper than the long-run average. Export growth supported the overall rise in new business for the third month running, with the rate of expansion in new export orders the fastest since last November.

Manufacturing output in Russia increased for the thirty-fourth successive month in May. The rate of expansion eased from April’s 13-month peak, but was solid nonetheless.

The robust gain in new work mid-way through the second quarter generated higher employment and purchasing activity. Workforces expanded on average for the second month running, and at the fastest rate since March 2011. Input buying increased for the fourth successive month.

[OilFinder2]

India's Manufacturing PMI Basically Flat At 54.8, Substantial Increase In New Business

New orders at Indian manufacturers increased sharply again in May, with the rate of expansion only slightly weaker than in April. According to respondents, strong demand was a key factor behind the rise in new business, while the importance of good quality products was also mentioned. New export orders increased for the seventh consecutive month.

New order growth led firms to expand production again in May, and at a substantial pace. That said, respondents continued to suggest that power cuts had hampered operations, preventing a faster rise in output.

[OilFinder2]

Ugly establishment survey results, with just 69K jobs added. However, as often happens, we get the household survey showing a complete opposite direction.

- Household survey shows a gain of 422,000 employed people.
- The labor force increased by 642,000.
- The number of people not in the labor force declined by 461,000.

The unemployment rate went up a notch for a reason which is actually good (more people entering the workforce), and the rest of the household survey was actually quite good.
Data

So ... meh.

[Lore]

The job numbers were pathetic. There is no way to lip stick this pig of a report. We also lost more jobs in the two prior months.

PMIs were weak all across the EU, India has stagnated and China is slowing into a possible hard landing. ISM in the US is also coming in lite showing a deterioration to the downside.

[dsula]

We also lost more jobs in the two prior months.

Isn't that a good thing ? I mean if a nation's productivity is so great to afford to have so many unemployed and have them all fed. Isn't the goal to have 0% employment, and have eveything done by automata, leaving 100% leasure time for everybody to enjoy.

[Lore]

Sure, we just have to get rid of the concept of monetary wealth.

[AgentR11]

eveything done by automata, leaving 100% leasure time for everybody to enjoy.

Automata is only automata for as long as you don't open the door to the server room and let the code & admin monkeys out.

[eXpat]

Yep, not surprises there
Global slowdown worsens as China cools, Europe sinks, U.S. falters

LONDON/SINGAPORE — The world’s major economies are faltering or shrinking, with Chinese factory output barely growing, powerful European manufacturing countries falling deeper into malaise and the U.S. job market stuttering, surveys showed on Friday.

In Britain, manufacturing activity shrank at its fastest pace in three years last month as the global economic slowdown hit demand for its goods.

“It doesn’t bode well for the second quarter,” said Sian Fenner, global macroeconomist at Lloyds Banking Group. “There is a lot of heightened uncertainty and risk in the market in the euro area, and this is playing on manufacturers’ minds.
Data on Friday, however, added to signs the U.S. recovery may also be faltering, deepening a stock market sell-off this week due largely to growing panic over the euro zone’s debt crisis.

U.S. employers added just 69,000 jobs in May – half as many as expected and the least in a year – while figures for the previous two months were also revised down. That will add to President Barack Obama’s headaches and strengthen the case for another round of stimulus from the Federal Reserve.

Equities, the euro, sterling and growth-linked currencies all fell after the gloomy data, although most then showed some signs of recovery as traders began to shut up shop for the weekend.

Markit’s Eurozone Manufacturing Purchasing Managers’ Index (PMI) dropped to 45.1 in May from 45.9 in April, slightly above a preliminary reading but marking its lowest level since June 2009.

It has been below the 50 mark that divides growth from contraction for 10 months. Similarly the output index fell to 44.6 from April’s 46.1, also the lowest since June 2009.

http://business.financialpost.com/2012/06/01/global-slowdown-worsens-as-china-cools-europe-sinks/

[eXpat]

Isn't the goal to have 0% employment, and have eveything done by automata, leaving 100% leasure time for everybody to enjoy.

Except for the fact that automata job belonged before to a person, that is now unemployed.
Unless of course you believe that we are now living in Utopia and that all hard work is done by robots, while humans can expend time in philosophy and arts.

[dsula]

Unless of course you believe that we are now living in Utopia and that all hard work is done by robots, while humans can expend time in philosophy and arts.

Yes, that is what I'm referring to. What is the goal of life? What's the reason for technology and inovation? Isn't the reason to get more with less work? Or to consume more with the same amount of work? Isn't the absolute end-goal to work NOTHING, but to consume EVERYTHING?

Sometimes I wonder why I have to work so much. With the gains in productivity (due to oil) I should be able to afford a life like a 19th century english nobleman with 2 hours of work/day. But that's not the case. Why not?

[pstarr]

Automata is only automata for as long as you don't open the door to the server sewer room and let the code & admin monkeys out.

Fixed that for you. It's disgusting down there, all dirty pizza boxes, cigarettes even

Unless of course you believe that we are now living in Utopia and that all hard work is done by robots, while humans can expend time in philosophy and arts.

Yes, that is what I'm referring to. What is the goal of life? What's the reason for technology and inovation? Isn't the reason to get more with less work? Or to consume more with the same amount of work? Isn't the absolute end-goal to work NOTHING, but to consume EVERYTHING?

Sometimes I wonder why I have to work so much. With the gains in productivity (due to oil) I should be able to afford a life like a 19th century english nobleman with 2 hours of work/day. But that's not the case. Why not?

You have to take that up with the ones holding the check book and the guns.

[AgentR11]

Goal of life... isn't that likely to be quite individual though.

What's the reason for technology and innovation? That's an easy one. To produce more value, with the same amount of labor; or to even make it possible to increase the amount of labor a single individual can withstand contributing to the system.

Tech is NOT about reducing work. Its about making it possible to do more, faster, harder, better.

And it absolutely destroys jobs.

The end goal is simply. To create more value than one consumes and hand off the excess to the next generation so that they can create even more.

[Armageddon]

Horrible, horrible numbers for May. Spring is when things should be half way decent. Imagine what Fall / Winter are going to look like ? There is some ugly s*** on the horizon.

[pstarr]

Great for us up here. They used to take their hard-earned vacation time in Tuscany. Now the folks can't even afford a motor home and trip to the Grand Canyon. We are seeing droves coming up the coast to the gawk at the Wonders of the Redwoods.