8/1/11, "Dow plummets after worse manufacturing figures for TWO YEARS amid fears the U.S. is now in 'double dip' recession," UK Daily Mail
"The debt deal rally lasted all of 30 minutes.
Stocks dipped after an early climb today as the ISM manufacturing index hit its lowest level since July 2009 amid worries the nation's credit rating may still be downgraded despite a debt deal.
The news comes amid fresh concerns the U.S economy is entering a double-dip recession....
The Dow Jones industrial average fell nearly 40 points after a key manufacturing index tumbled in July....
The Institute for Supply Management said its index of national factory activity fell to 50.9 from 55.3 in June.
Economists had expected a reading of 54.9. A reading below 50 indicates contraction in manufacturing.
The latest economic news follows a Gallup poll released that 29 per cent of those questioned thought the economy was in a' depression' and 26 per cent said that the original recession had continued into 2011.
Friday's news on GDP showed an expansion of only 1.3 perc ent and consumer spending up 0.1 per cent in the second quarter....
More than 14 million people are unemployed in the U.S....In Florida, California, Nevada and Arizona houses have lost nearly 50 per cent of their value, plus two million
- foreclosed homes which
- have not been released to the market."...
"SENIOR ECONOMIST" says manufacturing drop "is a shocker"
8/1/11, "Manufacturing growth hits lowest level in 2 years," AP
""The ISM manufacturing report for July is a shocker and strongly suggests that the disappointing performance of the economy in the first half of the year was not just temporary," said Paul Dales, a senior U.S. economist for Capital Economics."...
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