In this week’s address, President Obama called on Congress to pass a responsible budget and avoid a government shutdown over defunding Planned Parenthood. The president argued that there has been “significant progress” in the economy since the financial crisis seven years ago, despite the concerning economic data released this week.
“Thanks to the hard work and resilience of folks around the country, our businesses have created over 13 million jobs over the past 66 straight months, housing is bouncing back, manufacturing is growing again, and the unemployment rate is the lowest it’s been in over seven years,” Obama said.
In fact, two closely-watched surveys of regional manufacturing activity indicated contraction last month. The Philadelphia Federal Reserve’s regional Manufacturing Business Outlook Survey for the mid-Atlantic tanked to -6 in September from 8.3 the month prior. The Fed’s reading came in far below economists’ expectations for a drop to positive 6. The report marks the second major regional manufacturing survey released this week showing the sector contracting, as the Empire State Manufacturing Survey out Wednesday showed regional manufacturing activity contracted for a second straight month in September, remaining well below zero at -14.7.
