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Thread: Official slumping Industrial Production figures for 2012 exposes Irish bullish PMI Data as a farce

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    Default Official slumping Industrial Production figures for 2012 exposes Irish bullish PMI Data as a farce

    The CSO recently released Industrial Production figures for Ireland for November 2012. Industrial Production has slumped 6.8% year on year and 14.4% quarter on quarter. This follows a trend from August where Production has dropped 13.5% for September and 17.8% in October. Here's the link for the report;

    http://www.cso.ie/en/media/csoie/rel...rn_oct2012.pdf

    This comprehensive data is inversely proportionate to the PMI (Purchasing Managing Index) figures over the past 6 months which has been proclaimed by the government and the mainstream media and their shills here as the best production figures in Europe and propagated that industry in Ireland is growing and increasing employment much to the credit of our government.

    The PMI figures were of course utilised here by one of our resident Pollyanna's (who uses one of the opposition parties as an avatar, quite an example of the Hegelian dialect) to pump up the state propaganda and continue feeding the disinformation even when challenged about the validity of the data by using the official figures. The link for that thread is here;

    http://www.politics.ie/forum/economy...rea-sinks.html

    The CSO official data shows that the quarter up to December 2012 was the worst quarter in 6 years. Soaring? Must be that rocket Noonan was referring to this time last year.....
    Last edited by Cassandra Syndrome; 9th January 2013 at 01:01 PM.
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

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    Politics.ie Member Ulster-Lad's Avatar
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    The government would not be telling porkies now would they? petunia
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    Dylan2010
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    I guess the out of business companies didnt get their returns in

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    Politics.ie Member sic transit's Avatar
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    PMI figures are just an indicator of activity and it's a composite. Looks to me like you're comparing apples and spuds. Purchasing and Supply Chain Management Manufacturing PMI
    "There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self." Ernest Hemingway

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    Pharmacy sector is doing poorly owing to the patents cliff.

    Other sectors are doing fine. Stop crowing, FFS.

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    Politics.ie Member Ulster-Lad's Avatar
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    Quote Originally Posted by sic transit View Post
    PMI figures are just an indicator of activity and it's a composite.
    Purchasing and Supply Chain Management Manufacturing PMI
    Activity, would that be another word for spending?
    ‘The Great only appear great because we are on our knees: Let Us Rise!’ “ (James Larkin)

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    Politics.ie Member sic transit's Avatar
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    Quote Originally Posted by Ulster-Lad View Post
    Activity, would that be another word for spending?
    Read the summary in that link and draw your own conclusions.
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    Politics.ie Member Ulster-Lad's Avatar
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    Quote Originally Posted by sic transit View Post
    Read the summary in that link and draw your own conclusions.
    I did.

    The NCB Purchasing Managers Index ( PMI ) is a composite indicator designed to provide an overall view of activity in the manufacturing sector of the Irish Economy and acts as a leading indicator for the whole economy.

    The indicator is derived from individual diffusion indices which measure changes in output, new orders, employment, suppliers’ delivery times and stocks of goods purchased.


    A reading of the PMI below 50.0 indicates that the manufacturing economy is generally declining; above 50.0, that it is generally expanding. A reading of 50.0 signals no change. The greater the divergence from 50.0, the greater the rate of change signalled by the index. PMI and Purchasing Managers Index are both registered trademarks owned by the Markit Group.
    ‘The Great only appear great because we are on our knees: Let Us Rise!’ “ (James Larkin)

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    Politics.ie Member sic transit's Avatar
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    Quote Originally Posted by Ulster-Lad View Post
    I did.
    So why are you asking me?
    "There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self." Ernest Hemingway

  10. #10

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    Quote Originally Posted by Iphonista View Post
    Pharmacy sector is doing poorly owing to the patents cliff.

    Other sectors are doing fine. Stop crowing, FFS.
    Maybe if you actually read the NCB PMI reports, you might notice that the weighting of sectors is proportionate to weightings in GNP. Therefore the pharmacy sector has a huge weight in the PMI report.

    Stop shilling, ffs.
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

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