The IP index recorded a value of 105.47 in July, up 0.2% month on month (m/m) and by 0.9% year on year (y/y). July’s score was slightly lower than analysts’ consensus expectations. July was the sixth month in a row with either a flat or positive m/m gain. The increasing trend is welcome news for [...]
The Institute for Supply Management’s non-manufacturing composite index fell back more than analysts expected in July, dropping 3.5 percentage points to 53.9. Most economists expect non-manufacturing to pick-up over the next several months since consumer spending remains robust and construction activity is holding-up well. On a 3 month moving average basis (3MMA), the index scored [...]
The Institute for Supply Management’s manufacturing index for continues to perform well despite a 1.5 point drop to 56.3 in June, which was in-line with analysts’ expectations. The decline stemmed from a 3.1 point drop in new orders to a still very strong 60.4. Fourteen of 18 industries reported growth in new orders to include [...]
Manufacturing capacity utilization (MCU), came in at 75.4% in June, flat month on month (m/m), up 0.3 percentage point year on year (y/y). Year to date (YTD), MCU has stayed in a very narrow range (75.3 to 75.7%), averaging 75.4%. Figure 1, charts capacity utilization from 2010 to present. It has progressed in a very [...]
Total seasonally adjusted (SA), inflation adjusted manufacturing inventories totaled $576,243 million (M) at the end of May, flat month on month (m/m), but up 0.6% year on year, (y/y).The total manufacturing inventories to shipment ratio (I/S), was 1.38 flat m/m and up 0.02 points y/y. The US Census Bureau issues a report on inventory levels [...]
The IP index on a three month moving average (3MMA), basis ticked up 0.4% month on month (m/m), beating analysts’ expectations of 0.3% growth. Industrial production advanced at an annual rate of 4.7% the Q2 as mining (includes oil exploration) and utilities were the principal contributors. Manufacturing output rose at an annual rate of 1.4%, [...]
The Institute for Supply Management’s non-manufacturing composite index for June moved-up 0.5 percentage point to 57.4, beating analyst’s expectations by 0.5 percentage point. On a 3 month moving average basis (3MMA), the index scored 57.3, up 4.1% year on year, (y/y). Momentum (defined as 3 month minus 12 month), was positive 3.8%. Overall a good [...]
The Institute for Supply Management’s manufacturing index for June increased by 2.9 percentage points month on month (m/m), to 57.8, besting analyst expectations. New orders surged points percentage points 5.3 m/m. This was the second consecutive gain and puts the index back above 60 for the first time since March. Fifteen of the 18 industries that [...]
New orders for durable goods (ADG), decreased by 1.1% in May to $228.2 billion. On a three month moving average (3MMA), assessment, ADG was down 1.3% month on month (m/m) and down 0.3% year on year (y/y). The good news is that primary metals advanced 0.3% and were up 12.5% from a year earlier. The [...]
The Institute for Supply Management’s non-manufacturing composite index for May fell a fraction of a point to 56.9, slightly lower than analyst’s expectations. On a 3 month moving average basis the index scored 56.5, up 4.0%. Momentum (defined as 3 month minus 12 month), was positive 3.8%. Overall, the details were encouraging. The ISM nonmanufacturing [...]
