Romney Campaign Press Release - Another Manufacturing Slowdown Hits The Obama Economy

"Today's manufacturing report is just further evidence that President Obama doesn't have what it takes to get our economy moving again. After three and a half years of failed liberal policies, the President has left us with an economy where manufacturing is slowing and businesses aren't hiring. On Day One, Mitt Romney will take immediate action to give manufacturers and all businesses the confidence they need to hire again." — Amanda Henneberg, Romney Campaign Spokesperson

Economic Reports Show Manufacturing Growth Slowing To Its Worst Level In Nearly Two Years:

"Growth In The U.S. Manufacturing Sector Slowed In July To The Second-Weakest Level Since The Country Emerged From Recession..." "Growth in the U.S. manufacturing sector slowed in July to the second-weakest level since the country emerged from recession, according to a survey released Tuesday. The Markit flash U.S. manufacturing purchasing managers index dropped to 51.8 from 52.5 in June, which is the worst level since December 2010 and second-worst since late 2009. Any readings above 50 indicate an improvement from the prior month." (Steve Goldstein, "U.S. Manufacturing Growth 2nd-Worst Post-Recession," MarketWatch, 7/24/12)

• The Manufacturing Levels Were The "Worst Level Since December 2010 And Second-Worst Since Late 2009." "The Markit flash U.S. manufacturing purchasing managers index dropped to 51.8 from 52.5 in June, which is the worst level since December 2010 and second-worst since late 2009. Any readings above 50 indicate an improvement from the prior month." (Steve Goldstein, "U.S. Manufacturing Growth 2nd-Worst Post-Recession," MarketWatch, 7/24/12)

Markit's Chief Economist: "The Third Quarter Is So Far Shaping Up To Be Worse Than The Second Quarter In Terms Of Growth..." "Williamson said there are more clouds on the horizon. 'Overall, the third quarter is so far shaping up to be worse than the second quarter in terms of growth, which is a growing concern for policymakers,' he said." (Steven C. Johnson, "Manufacturing Growth Slowest In 19 Months: Markit," Reuters, 7/24/12)

The Richmond Federal Reserve Found Manufacturing Activity In The Central-Atlantic Region At Its "Lowest Level Since April 2009." "The Richmond Fed's report, which measures manufacturing activity in the central-Atlantic region, came in at -17 for July, the lowest level since April 2009. Numbers below zero indicate contracting activity." (Steven Russolillo, "Richmond Fed Stinks Up Joint," The Wall Street Journal, 7/24/12)

• "This Represents Yet Another Data Point Confirming That The Economy Has Slowed Markedly This Summer." (Steven Russolillo, "Richmond Fed Stinks Up Joint," The Wall Street Journal, 7/24/12)

Today's Report Is Just The Latest Evidence Pointing "To Another Slowdown" In The Obama Economy:

"All Evidence Points To Another Slowdown In The U.S. Economy And The Government Is Expected To Make It Official On Friday." "All evidence points to another slowdown in the U.S. economy and the government is expected to make it official on Friday. The key economic report of the week, gross domestic product, is likely to show growth fizzled in the second quarter. The U.S. probably grew at a tepid 1.3%, down from 1.9% in the first quarter and 3.0% in the last three months of 2011, Economists surveyed by MarketWatch estimate." (Jeffry Bartash, "U.S. Economy Moving Sideways Again," MarketWatch, 7/22/12)

Economists Have Downgraded Their Estimates For Economic Growth Through June. "Economists are downgrading their estimates of economic growth in the April-June quarter. When the government releases its first estimate on Friday, many think it won't even match the first quarter's sluggish 1.9 percent annual pace." (Paul Wiseman, "Global Economy In Worst Shape Since 2009," The Associated Press, 7/22/12)

Earnings Estimated For The Third And Fourth Quarters "Have Been Dropped To Levels Not Seen Since The Days Of The 2008 Financial Crisis." "While this quarter's earnings reports have crossed a substantially lowered profit bar, future expectations through the year indicate a recession could be on the way. Estimates for the third and fourth quarters have been dropped to levels not seen since the days of the 2008 financial crisis, below even the muted 2 percent expected level of inflation." (Jeff Cox, "Earnings Show Recession May Be 'Fast Approaching'," CNBC, 7/22/12)

• "That's An Ominous Recession Sign For An Economy That Has Barely Managed To Attain Positive Growth This Year..." "That's an ominous recession sign for an economy that has barely managed to attain positive growth this year even with the strong level of earnings beats, according to an analysis by Nicholas Colas, chief market strategist at ConvergEx in New York." (Jeff Cox, "Earnings Show Recession May Be 'Fast Approaching'," CNBC, 7/22/12)

"Three Years After The Great Recession Officially Ended, The American Economy Can't Maintain Momentum." "The United States, by far the world's biggest economy, has long pulled the global economy out of slumps. Now it needs help. Three years after the Great Recession officially ended, the American economy can't maintain momentum." (Paul Wiseman, "Global Economy In Worst Shape Since 2009," The Associated Press, 7/22/12)