June data pointed to a robust and accelerated improvement in the performance of the U.S. manufacturing sector. At 57.5 in June, up from 56.4, the seasonally adjusted Markit Flash U.S. Manufacturing Purchasing Managers’ Index™ (PMI™)1 indicated the strongest upturn in overall business conditions since May 2010. The latest rise in the headline PMI was driven by the fastest output and new orders growth for just over four years. Manufacturing output growth picked up for the third month running to its strongest since April 2010.
Moreover, the average pace of expansion in Q2 was the steepest for any quarter since the survey began in early-2007. Survey respondents generally attributed rising production volumes to improving domestic economic conditions, increased client confidence and a strong pipeline of outstanding work. In line with the trend for output, total new business volumes increased at a sharp and accelerated pace during June.
LA Times: President Obama accused rival Mitt Romney of “knowingly twisting” his comments about American business, in what amounted to his most forceful response to more than a week of sustained attacks by Republicans over a sound bite the president’s campaign argued was taken out of context.
In remarks to a feisty audience at Oakland’s Fox Theater on Monday evening, Obama contended that Romney had misrepresented what he said this month when he spoke of the role government plays in supporting the growth of business. He said Romney’s response showed he fails to appreciate the best way to grow the economy in a balanced way.
…. “Earlier today Gov. Romney was at it again, knowingly twisting my words around to suggest that I don’t value small businesses,” he said …. “In politics we all tolerate a certain amount of spin. I understand these are the games that get played in political campaigns. But when folks omit entire sentences of what I said – they start splicing and dicing – you may have gone a little over the edge.”
Steve Benen: ….. Last September, Elizabeth Warren explained the role of public institutions in creating a society that allows American businesses to thrive. A video of the comments went viral, and soon after, President Obama echoed the sentiment.
Last week, Mitt Romney’s campaign, hoping that voters are fools, made the case that American businesses thrive on their own without public institutions, and to believe otherwise is to be “foreign” and hostile towards free enterprise…
….if Romney’s hysterical, right-wing argument had any merit at all, this should be fairly easy. Obama’s been in office for three-and-a-half years, and if the president were, in reality, actively opposed to the interests and needs of America’s private sector, the evidence should be overwhelming and undeniable.
And yet, it’s not. Romney – and now, Scott Brown – have to resort to garbage tactics that treat Americans voters like we’re idiots. Instead of presenting credible evidence to bolster absurd claims, Romney and Brown have to rely on out-of-context nonsense to make a case that their rivals believe in an agenda that’s pure fantasy.
If President Obama and Elizabeth Warren genuinely oppose the free market — they don’t, but if they did — why do Mitt Romney and Scott Brown have to lie?…
TPM: When President Obama spoke to workers in Wisconsin last week, Politico accidentally made itself the story. The paper’s reporter mistook the Wisconsin state flag for the seal of a local union, and cited it as an illustration of President Obama’s pro-union bias.
Politico cleaned the egg off its face by wiping the story from the Internet. But the gaffe made the rounds among actual union officials in the state and now that the laughter’s subsided, they’ve turned it into a membership drive…..