Factory Orders Continue to Decline, “Orders to U.S. factories fell for a second straight month in September. It was another setback for manufacturing, which has seen almost 2 million jobs evaporate over the last two years and is struggling not to sink even deeper into the quicksand of economic uncertainties. “
Layoffs soar 151 percent in October, “U.S. companies more than doubled their planned job cuts in October, a job placement firm said Monday.”
Bets are on for an interest-rate cut, “The economic recovery is idling and financial markets think the Federal Reserve is ready to goose the accelerator.”
October sales hint at problems ahead, “On a year-over-year basis, sales fell more than 30 percent for the Big Three. Even highly profitable Toyota (TM: news, chart, profile) saw sales fall more than 20 percent while more double-digit declines jarred the rest of the industry. Most important, the reports drive home the tenet that discounts can be very effective but do lose their impact over time.”
My personal favorite from last week: Consumer Gloom May Cause Recession-Report, “Nearly six in 10 Americans rated the economy as poor in October, more than during last year’s recession, a separate CNN/USA Today/Gallup poll said, despite optimism for better days next year. That gloom could soon drag on a recovery being driven almost entirely by consumer spending. “
TAKE TOMORROW OFF AND HELP GET OUT THE VOTE!
Update – Applied Materials to cut 11% of staff, “Applied Materials will cut 11 percent of its workforce due to an ongoing slowdown in the semiconductor industry, the world’s largest maker of chip equipment announced on Monday.”