"Business Confidence in the United States decreased to 46.90 points in May from 47.10 points in April of 2023."

No, that does not come from a critic of President Joe Biden (D); it is the objective statement from the Institute of Supply Management (ISM), truthfully reporting on just the facts on Thursday, June 1, 2023.

Some might argue that 0.20 points downward is an insignificant move, indicating nothing.  But this decrease is considered significant because not only is this the seventh month in a row that the index has remained below the 50 threshold, which indicates that the contraction in manufacturing is not only continuing, but slightly accelerating, but it is also the longest period of contraction since the Great Recession of 2008 — roughly June 2007–June 2009.  To refresh the memories of those under 35, this not so ancient historical period was a time of major bankruptcies, including GM (yeah, GM) and Bear Stearns; it was also a time of bank bailouts and even more government intervention in the economy.

Sound familiar? 

In spite of the gloomy news, the market closed on the up Thursday as "investors applaud debt ceiling progress."  In other words — and oh, what not a surprise — the U.S. won't declare official bankruptcy; the US will just get deeper into debt and state that's just fine.

Well, isn't it?

Image: Gage Skidmore via Flickr, CC BY-SA 2.0.