Tag: hiring

ADP: After Three Months of Employment Declines, Manufacturing Hiring Ticked Higher in June

ADP said that manufacturing employment rose by 7,000 in June, ending a three-month period of declines in hiring for the sector. This is welcome news, as it suggests that job growth has begun to recover from weaker economic conditions earlier in the year. Year-to-date, the manufacturing sector has added just 8,000 workers on net. This compares to 164,000 net new jobs generated in 2014, or an average of roughly 13,650 per month. Hopefully, we will return to a similar pace as we move into the second half of 2015.

In the larger economy, nonfarm private businesses added 237,000 workers in June, extending the 203,000 gain observed in May. Nonfarm payrolls have risen by 200,000 or more in 15 of the past 17 months, with the exceptions being in March and April of this year. As with the manufacturing data described above, this indicates a rebound from springtime softness in the overall labor market. (continue reading…)

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Dallas Fed: Texas Manufacturers Contracted for the Sixth Straight Month

The Dallas Federal Reserve Bank said that manufacturing activity contracted in its Texas district for the sixth straight month. Nonetheless, the pace of decline eased a bit in June, with the composite index of general business conditions increasing from -20.8 in May to -7.0 in June. While this might represent some progress, the larger headline is that this index has been negative in each month so far in 2015, mainly due to lower crude oil prices. With that said, there might be a sense of stabilization. As one fabricated metal products manufacturer said in the sample comments, “Signs of some stability in oil and gas exploration and production are emerging. If that continues, then our business conditions will benefit in the coming months.” (continue reading…)

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Kansas City Fed: Manufacturing Activity Declined for the Fourth Straight Month in June

The Kansas City Federal Reserve Bank said that manufacturing activity declined for the fourth straight month in June, albeit at a slower pace than in May. The composite index of general business conditions increased from -13 in May to -9 in June. The slower decline for the headline measure stemmed largely from an easing in the decrease of new orders (up from -19 to -3). Still, it is hard to paint this report in a positive manner, with continued sluggishness across the board. For instance, the rate of production weakened even further (down from -13 to -21), with shipments (down from -9 to -15), employment (up from -17 to -9) and exports (up from -9 to -5) all solidly in contraction. Exports have been negative for six consecutive months. (continue reading…)

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Richmond Fed: Manufacturing Activity Expanded at Fastest Rate since January

The Richmond Federal Reserve Bank reported that manufacturing activity expanded at its fastest pace since January – a sign that the sector has made progress since the spring. The composite index of general business activity improved from 1 in May to 6 in June. This figure was boosted, in particular, by stronger new orders (up from 2 to 11), its highest level since October. Shipments (up from -1 to zero) were unchanged for the month, but that represented some stabilization after four straight months of contraction. Overall, this report found modest growth in the manufacturing sector in the Richmond Fed district, which – while not as strong as we might prefer – found sentiment moving in the right direction. (continue reading…)

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Markit: Eurozone Manufacturers Report Fastest Growth since April 2014

The Markit Flash Eurozone Manufacturing PMI increased from 52.2 in May to 52.5 in June, its fastest pace of growth since April 2014. (The composite measure, which adds in services, rose to a 49-month high.) For manufacturers, output (up from 53.3 to 53.5) and employment (up from 51.6 to 52.0) both edged higher, with each expanding modestly. At the same time, there were slight easings for new orders (down from 52.7 to 52.5) and exports (down from 53.2 to 52.6). Nonetheless, the underlying story is a positive one, with Europe making significant progress in recent months and brushing off possible risks from Greece. With that said, robust growth continues to be elusive, with real GDP up 0.4 percent in the first quarter and industrial production up just 0.1 percent in April. On a year-over-year basis, the Eurozone grew 1.0 percent, with industrial output up 0.8 percent. (continue reading…)

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Michigan Had the Greatest Manufacturing Job Gains in May

Michigan created the most net new jobs in May, according to the most recent state employment figures from the Bureau of Labor Statistics. With the motor vehicle and parts output rebounding from softness earlier in the year, Michigan’s manufacturing sector added 6,600 more workers on net in the month. Michigan has also generated the most hiring since the end of 2013, with 32,800 additional employees in May 2015 than in December 2013. Other top states for manufacturing employment growth in May included Kansas (up 2,600), Louisiana (up 2,100), New York (up 2,100) and Indiana (up 2,000). Over the past 17 months, Ohio (up 23,300), Indiana (up 21,300), North Carolina (up 14,900) and Wisconsin (up 13,300) helped to round out the top five states for manufacturing hiring. (continue reading…)

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Philly Fed: Manufacturing Activity Rose to Its Highest Level of 2015 So Far

The Federal Reserve Bank of Philadelphia said that new orders and shipments rebounded in June, lifting its headline manufacturing index to its highest level of 2015 so far. The composite index of general business activity rose from 6.7 in May to 15.2 in June, with the indices for orders (up from 4.0 to 15.2) and shipments (up from 1.0 to 14.3) each up strongly. The key to each of these measures was a drop in the percent saying that activity was declining. For instance, the percentage of respondents suggesting that shipments had declined in the month fell from 28.5 percent in May to 16.0 percent in June. This indicates that manufacturing activity has stabilized from weaknesses earlier in the year, providing some encouragement moving forward. (continue reading…)

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NY Fed: Manufacturing Activity Declined for the Second Time in Three Months in June

The Empire State Manufacturing Survey reported a contraction in activity for the second time in the past three months in June. The composite index of general business conditions from the New York Federal Reserve Bank fell from 3.1 in May to -2.0 in June. Overall, manufacturers in the region have observed a weaker business environment since November, with the headline index averaging just 3.3 over the past seven months (December 2014 to June 2015). In contrast, the composite measure averaged 17.0 in the seven months prior to that (May to November 2014), when demand and output were growing more robustly. This softer manufacturing climate reflects a number of headwinds in the economy. (continue reading…)

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NFIB: Small Business Optimism Up for the Second Straight Month

The National Federation of Independent Business (NFIB) said that optimism rose for the second straight month. The Small Business Optimism Index increased from 96.9 in April to 98.3 in May, its highest level so far in 2015. This suggests that small business owners have begun to move beyond the recent lull in confidence. Still, it remained below the peak observed in December (100.4), which was the highest level since October 2006. Indeed, this report continues to reflect lingering anxieties about the economy, even as owners indicate that they are more upbeat today than they have been in past years. (continue reading…)

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Monday Economic Report – June 8, 2015

Here is the summary for this week’s Monday Economic Report: 

The Federal Reserve’s Beige Book reported that the economy expanded modestly in its recent assessment. More importantly, it said that activity for manufacturers “held steady or increased over the reporting period” in all of its regions except for the Dallas and Kansas City districts. Those two regions have been rocked by lower crude oil prices and sluggish export growth in particular. Yet, beyond those challenges, the Federal Reserve noted some improvements in retail spending (especially for motor vehicles), housing and employment. Despite this mostly upbeat economic analysis, the Federal Reserve is keenly aware of the challenges that exist in the marketplace, as noted in the minutes of the most recent Federal Open Market Committee meeting. Indeed, data released last week continue to reflect a softer-than-desired level of activity in many areas, even as manufacturers might remain cautiously optimistic about the future and some of the measures rebounded somewhat. (continue reading…)

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