The huge services side of the U.S. economy grew in January at fastest pace in 6 months

[mahatmakanejeeves]

Source: MarketWatch

The huge services side of the U.S. economy grew in January at fastest pace in 6 months

Published: Feb 5, 2020 11:59 a.m. ET

ISM nonmanufacturing index climbs to 55.5% from 54.9%

By JEFFRY BARTASH
REPORTER

The numbers: The huge services side of the U.S. economy that employs most Americans grew in January at the fastest pace since last summer, with many companies saying they got off to a good start at the beginning of the new year.

The Institute for Supply Management said its index of service-oriented companies such as hospitals, retailers and restaurants rose to a six-month high of 55.5% last month from 54.9% in December. The increase exceeded the MarketWatch forecast of 55%.



Numbers over 50% are viewed as positive for the economy, and anything over 55% is considered exceptional.

{snip}

Read more: https://www.marketwatch.com/story/the-huge-services-side-of-the-us-economy-grew-in-january-at-fastest-pace-in-6-months-2020-02-05

[bucolic_frolic]

1. Trump lambasted Powell into more QE and hedge funds are now spending it

These economic numbers, and the stock market numbers, this week, just don't add up. We are being lied to.

[I_M_Blue_2]

2. Low wage service sector helped by hike in minimum wage N/T

[SunSeeker]

3. Woohoo, more burger flipping jobs that pay just enough to live in your car.

[sdfernando]

4. and yet Macy's is closing stores and laying off staff...along with others that anounced last year.

Yeah, I'm sure those people are just reveling in the great economy!

[beachbumbob]

5. really can't believe any data coming out from this corrupt admin, and be foolish to

[DrToast]

7. Good news then...this isn't from the administration.

[heckles65]

6. (Cross-posted). When someone says the economy is so great, respond with one word:

"Sequester." Remember "sequester"? How about the term "fiscal cliff," which the U.S. was going to dive over? How about comparisons to Greece?

Don't hear these any more, do you?

What's my point? The point is we now have the economy we could have had eight years ago - if the Tea Party had let us. The Tea Party sabotage of the 2009-2015 recovery was unrelenting. Of course, it was never about deficit reduction, but Making the Scary President fail.

It's 2020. No more pinchpenny state governments like Kansas'. No more "California is collapsing" news articles. The Republicans are in power and deficits don't matter anymore.

[greenjar_01]

8. Republicans have gone full Keynesian

It's actually fucking hilarious.

[Farmer-Rick]

9. A nation once the powerhouse of manufacturing is now

A nation of sales clerks and waiters.

We all need to practice saying; "Have a nice day", "Do you want your receipt?" and "Do you want fries with that?" That's all you need to know for today's crappy paying jobs. And our corporate media and politicians applaud.

From unionized $30 to $60 an hour jobs, with sick leave and healthcare to minimum wage $7 25 an hour, no time off and no healthcare.

Yeah, our economy is doing something but good is not where it is going.

[EX500rider]

10. The US is ranked 2nd in the world in manufacturing.

Top countries in terms of manufacturing output
China leads the world in terms of manufacturing output, with over $2.01 trillion in output. This is followed by the United States ($1.867 trillion), Japan ($1.063 trillion), Germany ($700 billion), and South Korea ($372 billion).

[Farmer-Rick]

11. Here are the simple facts.

"Manufacturing jobs helped build out the U.S. middle class after World War II, as the U.S. established pro-labor policies and faced limited global competition. Between 1980 and 1985, and then again 2001 to 2009, there were precipitous declines in US manufacturing jobs; it is estimated that 1/3 of US manufacturing jobs vanished in the eight years between 2001 to 2009, and few have returned. Some argue that the 2001-2009 period was worse for US manufacturing than the Great Depression" https://en.m.wikipedia.org/wiki/Manufacturing_in_the_United_States

We may be number 2, but we use to be number 1. And the majority of Americans now work as sales clerks. https://www.bls.gov/oes/current/area_emp_chart/area_emp_chart.htm

The reason we look like a major manufacturing nation on paper is because we are a very big country and because what is counted as US manufacturing is really made overseas or is not really manufacturing.

"Manufacturing businesses include plants, factories, and mills, and they make their products with power-driven machines and equipment. They also include small and home-based businesses that make things by hand, like bakeries, candy stores, and custom tailors. Manufacturing also includes companies that contract with others to make the goods." https://www.thebalance.com/u-s-manufacturing-what-it-is-statistics-and-outlook-3305575

So if you make homemade candy, you are considered manufacturing in the US and we all know that is Not manufacturing. Also if you, an American corporation contracts with a plant in China for them to make your cars. And they make them and ship them here for sale, it is counted as Americam manufacturing.

So the supposed number 2 manufacturing nation is a lot of spin and hype.

We are a nation of sales clerks

[EX500rider]

12. 2nd to a country with over 1.3 billion people..

China has 4 times the US population yet only is $2.01 trillion Vs the US $1.867 trillion. I say the US is way more productive..

[Farmer-Rick]

13. But that second place counts homemade candy and manufacturing in other countries.

So are we really number 2? The numbers are manipulated and spun. W. bush tried to get fast food hamburgers counted as manufacturing.

https://www.cbsnews.com/news/building-blue-collar-8230-burgers/

And in size we are close to the same size as China.

"China is around the same size as United States.
United States is approximately 9,833,517 sq km, while China is approximately 9,596,960 sq km."

https://www.mylifeelsewhere.com/country-size-comparison/china/united-states

And China, a tyrannical communist country that even controls the number of children women have, is really not a shining star of democracy that we should emmulate.

[EX500rider]

14. You assuming China does not spin their numbers even more?

And population counts a lot more then land size for productivity.

[DeminPennswoods]

15. These are low-wage jobs

even at $15/hr (about 30k/yr) and I'm guessing most don't offer benefits like health insurance or pension saving plan and are hostile to unions.