Tuesday, Sep 01, 2009
..But we're out of Recession, aren't we?
London Standard: Pound falls as manufacturing dips unexpectedly
"The pound and the Footsie fell today after an unexpected fall in the UK's manufacturing activity in August was shown in the latest figures from the purchasing managers' index. Employers cut jobs and the rate of new business slowed, leading to a drop in the headline index".
Posted by alan @ 10:26 AM (678 views) Add Comment
15 Comments
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1. Smiling said...
i think you are right Alan, the £ is down from 1.6260 to 1.6243 as we speak against the $, and the FTSE is down 15 points (both at 10.40am), you can feel the tension in the bear pits of the city!
2. brickormortis said...
But what abou the business confidence index and all that c**p? Weren't they all jumping for joy last week?
3. waitingfor hpc said...
I work in manufacturing and can back those figures up, our sector is dire. Never seen it this bad in my working career of over 10 years! The UK has not invested in manufacturing for years ... and the net result is that we have very little left.
4. a saver said...
The idea that the economy and house prices could be over the worst seems quite ridiculous but there seems to have been a concerted effort to convince the sheeple. And incredibly it seems to have worked.
5. jack c said...
@waitingfor hpc - yep I spent about 15 years in Mfr'g and when I now look around in the various regions of the North of England very little has survived. Still look on the bright side we have a fine selection of tanning studios, casino's and nail clinics - I'm actually thinking of re-training as a dog groomer myself which could look good on my CV along with my NVQ in clipboard management.
£ to $16163 whilst FTSE down 1.82% at close to 4820
6. down wave said...
I can confirm that manufacturing output has nose dived, from my own company accounts and empty order books. It has gon absolutely flat. Not 'V' shape or 'W' shape but 'L' shaped. Our last 12 month accounts are Diabolically bad.
I have never in 50 years seen things so bad.
If this isn't bad enough, criticle component and parts manufacturing companies have gon bankrupt.
While I know that my today's opinions are my tomorror's embarassements, I think that this is panning out much worse than post 1929. At least then, everyone knew and did not have their heads in the sand.
Gordon Brown's emotional level of health is 'chronic anger', he is absolutely furious and knows that he will go down in history as 'zwiemal gasicht' and will never be elected as PM true and proper, thus he is determined to leave as big-a-mess as possible for all of us to sort out in the near future. Hence the debt. I bet he has never cleaned his own toilet bowl or replaced the loo paper on the dispenser?
7. jack c said...
@down wave - sorry to hear things are so bad however your comments echo those of many I know in manufacturing/industry - most tell me that trading conditions are far far worse than previous recessions.
8. shipbuilder said...
1. Smiling said...
"i think you are right Alan, the £ is down from 1.6260 to 1.6243 as we speak against the $, and the FTSE is down 15 points (both at 10.40am), you can feel the tension in the bear pits of the city!"
FTSE closed 89 points down. DOW down 172 at the moment, back under 9000 by the end of the week I reckon.
9. Mr G said...
I've worked in manufacturing for 45 years and never known it so bad. My industry, textiles, has a reputation for being one of the first to go into and one of the first to come out of a recession.
Not even remote signs of the latter yet, folks!
10. mr g said...
I have worked in manufacturing for 45 years and never known it so bad. My industry, textiles, has a reputation for being one of the first industries to go into and one of the first to come out of a recession.
Not even a remote sign of the latter yet, folks!
11. techieman said...
Shipb/der FTSE is holding (just) at the 4790 - 4800 level in after hours. Unless there is another lurch down in the dow, this is where the support is. A couple of days ago with Jack C we were discussing where FTSE might top out. I said low to mid 5100s but perhaps with a move down first to 4800-4850.
I am small short of the S&Ps - just in case this is the start of the bear. I dont think it will be personally. This is all pretty typical though (first day back after a holiday!)- i think its one last suck in for the bears before we hit new highs since March AND then have the real bear move. Even if thats not right and we have had THE top since march there should be a retracement to allow you to short the thing.... Now as for cable....
p.s. PERHAPS there is a corelation between the ftse and the property market??!?!?
12. shipbuilder said...
10. techieman said...
"p.s. PERHAPS there is a corelation between the ftse and the property market??!?!?"
Techie, you'll like this thread in the forum -
http://www.housepricecrash.co.uk/forum/index.php?showtopic=124082
As for the markets, I reckon this is the start of the bear, because I had a hunch last week, posted it (I thought I'd amuse myself by making my first prediction on here) and I want to post next week about how right I was ;)
All of course based on zero knowledge or insight on my part - the changing of the seasons and all that, it just feels right.
13. shipbuilder said...
Oh dear, DOW closed 185 down, according to FT.....
14. techieman said...
blimey Shipbuilder!?!?!? [re the link i mean!]. Re stocks the dow was down approx 200 when i posted @ 10. Now granted its closed near the lows and the S&Ps are< 1,000 - (am short @ 1016). But im truly not convinced - which is normally a good sign that the falls continue.
Thanks for the link - clever bloke / gal that poster.
15. jack c said...
Shippy thanks for the forum link - most interesting
FTSE 100 down again at 4806 as I type.