Manufacturing Lies but Not Jobs

While the Republican machine is manufacturing a crescendo of lies and innuendos about Obama and the Democrats, a number of depressing reports came out today.

AP reported that "Manufacturers, already hit by mounting job losses, saw business plummet to the lowest level in 26 years in October. Sharply lower auto sales and shrinking construction spending, meanwhile, provided more evidence the U.S. has entered a recession that may be deep and prolonged.
The Institute for Supply Management said Monday its manufacturing index fell to 38.9, the lowest reading since September 1982, when the country was near the end of a 16-month recession. Any reading below 50 signals contraction."

Tribune reports that "General Motors' October U.S. sales plunged 45 percent, and Ford's and Chrysler's weren't far behind, as low consumer confidence and tight credit combined to bring the industry's sales to an "unsustainably weak level" that is the worst in 25 years.
Automakers sold 838,156 vehicles in October, 32 percent fewer than the same month last year and the worst performance since January 1991, according to Autodata Corp. and Ward's AutoInfoBank.
Chrysler's sales tumbled 35 percent and Ford's dropped 30 percent. Toyota's sales fell 23 percent despite its zero-percent financing offer, and Nissan and Honda posted 33 percent and 25 percent declines, respectively. Overall, General Motors Corp. sold 168,719 vehicles in October, while Ford Motor Co., including its Volvo brand, sold 132,278 light vehicles and Chrysler LLC's sales totaled 94,530 units. If GM's sales were adjusted for population growth, October would be the worst month of the post-World War II era. GM said its light truck sales tumbled 51 percent compared with the same month last year, while demand for passenger cars fell 34 percent. Despite the steep drop, GM's total was enough to keep it ahead of Toyota Motor Corp. for the No. 1 U.S. sales spot. Toyota, which rolled out an offer of zero-percent financing during the month, sold 152,101 vehicles. The Japanese company's light truck sales fell 34 percent, while car sales dropped 15 percent. Honda Motor Co.'s sales fell to 85,864 vehicles as truck sales fell 29 percent. But sales of cars from its Acura luxury division rose 6 percent. Nissan Motor Co. sold 56,945 vehicles, and its truck sales dropped 52 percent."