More Socialism

Via Bloomberg, stocks rose to their highest level since 2007 today following better than expected news for domestic manufacturing.

U.S. stocks rose, sending the Dow Jones Industrial Average to the highest level since December 2007, on stronger-than-forecast growth in manufacturing. [...]

“We have solid gains that are likely to be sustained, maybe with some slight pullbacks over coming months,” Eric Teal, Raleigh, North Carolina-based chief investment officer at First Citizens Bancshares Inc., which oversees $4.5 billion, said in a telephone interview. “The manufacturing data continue to show signs of improvement. It supports our modest pro- cyclical position.”

Manufacturing in the U.S. expanded at a faster pace than forecast in March, a sign that the industry is weathering slower global growth. The Institute for Supply Management’s factory index rose to 53.4 from 52.4 a month earlier, the Tempe, Arizona-based group’s data showed. Fifty is the dividing line between growth and contraction. Economists surveyed by Bloomberg News projected the gauge would climb to 53.

But according to Mitt Romney, the economy is worse now than it has ever been in history! Or something.

  • Michael Schwartz

    I like this new turtle macro you found :)

  • Victor_the_Crab

    Watch the right try and spin this saying the Bush tax cuts are the reason for the economy improving, and it would have been fully recovered if the Kenyan Muslim living illegaly in the White House hadn’t thrown trillions of dollars at undeserving people, and that even bigger tax cuts for the wealthy and gutting government agencies will make the economy even better if everyone votes Republican in November.

    • bphoon

      Don’t give them any ideas, although that’s probably already percolating in their tiny brains–hence the “new” Ryan budget.

      I continue to quote Paul Begala on Obama: “When I look at the economy I don’t see how he can win; but when I look at the Republicans I don’t see how he can lose.” On the other hand, if the economy continues its improvement–and improving manufacturing numbers are a harbinger of broader improvement–then that quote may well distill to, simply, “I don’t see how he can lose.”

  • CB

    All of their arguments are fading away.

    • eljefejeff

      unfortunately democrats aren’t too good at getting the facts out when republicans control the message, even with the so called liberal media bias