The Philly Fed manufacturers survey for February plunged from negative 5.8 to negative 12.5, the worst reading in eight months. A big miss from the +1 reading that was expected. Ouch!
Our friends at ZeroHedge point out that hope springs eternal:
“Oddly enough survey participants have been hoping for a brighter future for 4 years now. Expect the sellside penguins to say that this number too should be ignored, just like the initial claims earlier, and the new housing starts yesterday. After all one should ignore all data that does not fit the goalseeked script of a centrally-mandated ‘recovery.’”
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True?…or Not True?
Let’s play a little game of “True/Not true.” We ask the question and you answer, “True” or, “Not true.”
1) Two police officers in Colorado lost their jobs and face felony charges for shooting an elk.
[Read more...]2) Two police in Washington State lost their jobs and face felony charges for shooting a man in his bed 16 times.
3) America spends more money on the TSA each year than the nation of Nicaragua earns.
4) Pubic “crabs” are becoming endangered by Brazilian bikini waxes.
5) The sequester that began last Friday will cut the national debt by $85 billion this year.
6) Witches read The Daily Reckoning.
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