Key Points:
Output and new orders down at accelerated rates
Near-stagnation of employment
Purchasing costs fall to greatest extent since November 2009Markit/JMMA Manufacturing PMI
Japan is in its third deflationary decade in spite of massive fiscal stimulus, massive monetary stimulus, and the major industrial world's highest debt-to-GDP ratio.
After adjusting for seasonal factors, the headline Markit/JMMA Purchasing Managers’ Index™ (PMI™) posted 47.7 in August, down from 47.9 one month previously, signalling the sharpest worsening of Japanese manufacturing sector operating conditions since April 2011. Moreover, the latest deterioration in business conditions was broad-based across all three market groups.
Japanese manufacturing production declined further in August, with the rate of contraction accelerating to the fastest in 16 months. The latest reduction in factory output was the third in as many months.
Reflecting falling new orders and corresponding spare capacity, backlogs of work decreased further in August. The rate at which firms depleted work-in-hand (but not yet completed) was sharp, and the steepest since May 2009.
Read more at http://globaleconomicanalysis.blogspot.ca/2012/08/japan-manufacturing-pmi-hits-16-month.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+MishsGlobalEconomicTrendAnalysis+(Mish's+Global+Economic+Trend+Analysis)#gi3bZo1gspx4xD4y.99
All I can see around me is people with jobs where the jobs themselves consume resources and don't produce. They have to burn oil in order to travel to a big conrete box called a workplace that is very energy intensive to maintain with air conditioning, lighting, etc. They strut around and posture in their Chinese made clothes and sit at the desk tapping keys. Money somehow gets created to pay them, but I can't actually work out how they earn it because I can't work out what they do. They're being rewarded for engaging with the system. It's better for society to have them occupied and focused on money and status and having affairs in the office rather than have them walking the streets getting up to mischief. It all depends on cheap energy. As long as the oil's flowing and the food keeps coming in, it all just motors along. The Chinese slaves make all the stuff that self important whites gobble up while they posture and strut. Suggesting to them that they don't have a productive job is very offensive since they 'work' so hard. It's the farmers and truck drivers and supermarket workers that are looked down on, but they're the ones keeping everyone else fed and their own status is zero. The average westerner has to accept their share of responsibility for this disaster. They're the ones that wanted to believe that they could get rich simply by going into debt on assets and letting inflation reduce the liability. That's what led them not to question what work they were doing because they were too desperate for the money. They needed to tow the line so they could get the money to pay the interest bill on their debts. So the model was to be a good little citizen of the system so you could have cashflow to pay interest on loans for assets that were inflating in value and making you rich. Saving was stupid. Going into debt was financially responsible. There's only one thing to do now. Invest in war industries and start a war. Then the beast can save the world and they'll all live happily ever after.
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