April 2017

Inventory Census

The US Census Bureau reported that new orders for manufactured goods increased $4.8 billion (B), or 1.0% to $476.5 B in February. This was the seventh increase in the past eight months and follows a 1.5% increase in January. Shipments increased by $1.4 B or 0.3% to $480.0 B and have risen in 11 of [...]

Consumer Credit

Consumer jumped to to $15.2 billion (B) in January’s weak $8.8 B, beating the consensus estimate of $14.5 B. Revolving credit balanced fell moved-up $3 B month on month as non-revolving credit balances move-up a respectable $12.3 B. Non-revolving credit has maintained steady growth for seven consecutive months. Figure 1 compares revolving and non-revolving credit [...]

Dodge Momentum Index

The Dodge momentum index moved up 1.2 points or 0.9% in March. The index has now advanced for six consecutive months. The index predicts non-residential construction activity approximately 12 months out. The Institutional sub-index moved up 4.3% to an all-time high of 138.3, besting last month’s all-time high. The commercial sub-index fell to 149.4, off [...]

The Baltic Dry Index

The BDI is a shipping and trade index created by the London-based Baltic Exchange that measures changes in the cost to transport raw materials. The BDI includes three component ships: Capesizes, Panamaxes and Supramaxes. The BDI averaged 361 year to date (YTD) 2016.  In 2017 YTD the index has averaged 959. Capesize ships are the largest. The [...]

ISM Non-Manufacturing Index

The ISM non-manufacturing survey measures the rate and direction of change in activity in non-manufacturing industries. A value of 50 is neutral, while less than 50 is contracting and greater than 50 is expansionary. The March Institute for Supply Management’s non-manufacturing index slid 2.4 points to 55.2, a little lower than the consensus expectations. On [...]

Automotive Sales

Total light vehicle, (LV) sales in February were at an annual rate, of 17.861 M units, up 0.512 million (M) from January, but down 0.185 M year on year (y/y). Light truck sales continue see solid growth, selling at an annualized rate of 11.589 M in February, up 0.561 M units m/m and up 0.705 M [...]