Tag: new orders

ISM: Manufacturing Activity Weakened in February on West Coast Ports, Reduced Energy Prices

The Institute for Supply Management (ISM) said that growth in manufacturing activity has continued to slow over the past few months, starting 2015 off on a weaker note. The headline purchasing managers’ index (PMI) has fallen from 57.9 in October to 52.9 in February, its slowest pace since January 2014, when severe winter storms dampened activity across-the-board. The sample comments suggest that the West Coast ports slowdown and falling energy prices were top-of-mind for many of the respondents, helping to explain much of this easing. At the same time, the stronger U.S. dollar and sluggish growth abroad were also likely factors, with export orders (down from 49.5 to 48.5) declining for the second straight month.  (continue reading…)

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Kansas City Fed: Manufacturing Activity Slowed to a Near Crawl in February

The Kansas City Federal Reserve Bank said that manufacturing activity slowed to a near crawl in February, mirroring the easing we have seen in other regions. The composite index of general business conditions dropped has declined from 8 in December to 3 in January to 1 in February. The silver lining, of course, is that activity in the sector continues to expand, albeit barely, as it has now for 14 straight months. Still, the weaker headline figure was pulled lower by contracting levels of new orders (down from -8 to -10), exports (down from -7 to -13) and employment (down from zero to -4). There were several reasons cited in the sample comments for the softness, including sluggish global growth, reduced crude oil prices and the West Coast ports slowdown. (continue reading…)

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Chinese Manufacturing Shifted to a Marginal Expansion in February

The HSBC Flash China Manufacturing PMI shifted to a marginal expansion in February, improving slightly after contracting for two straight months. The headline index increased from 49.7 in January to 50.1 in February. The underlying data were mixed. New orders (down from 50.8 to 50.4) and output (up from 50.1 to 50.8) grew slowly for the month, even as the pace of sales slipped a bit. At the same time, new export orders (down from 51.1 to 47.1) and employment (up from 49.1 to 49.3) declined on net. Export sales, in particularly, deteriorated to their lowest level since August 2013, which was disappointing. The index for hiring, which has contracted now for 24 consecutive months, increased to a 7-month high, with the pace of the decline decreasing. Final PMI data will be come out on Monday, March 2.    (continue reading…)

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Richmond Fed: Manufacturing Activity Stagnated in February

The Richmond Federal Reserve Bank said that manufacturing activity stagnated in February, ending 10 straight months of expansion in the district. The composite index of general business conditions declined from 6 in January to zero in February, its lowest level since contracting in March 2014. Indeed, many of the underlying measures slipped into negative territory in February. This included new orders (down from 4 to -2), shipments (down from 10 to -1), capacity utilization (down from 9 to -4) and the average workweek (down from 8 to -6). As such, manufacturers clearly pulled back in a number of areas for the month, likely due to global slowness, a stronger dollar and reduced commodity prices. (continue reading…)

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Dallas Fed: Manufacturing Activity Contracted in February for Second Straight Month

The Dallas Federal Reserve Bank said that manufacturing activity contracted in its district for the second straight month. The composite index of general business conditions fell from -4.4 in January to -11.2 in February, its lowest level since April 2013. Reduced crude oil prices have had negative ripple effects throughout the Texas economy, and indeed, many of the sample comments reflected weaker demand throughout the energy supply chain. Beyond energy-related softness, other challenges noted in the comments included the West Coast ports slowdown, a stronger U.S. dollar, increased health insurance costs and regulatory burdens. (continue reading…)

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Markit: European Manufacturing Activity Improved in February Ever-So-Slightly

The Markit Flash Eurozone Manufacturing PMI edged ever-so-slightly higher, up from 51.0 in January to 51.1 in February. This suggests very modest growth in manufacturing activity in February, with better data for new orders (up from 50.6 to 50.9), output (up from 52.1 to 52.2) and exports (up from 50.7 to 51.8). Hiring in the Flash Eurozone Composite PMI, which includes all segments of the economy, rose to its highest level since August 2011, but this was primarily in the service sector. Indeed, for manufacturers, the pace of employment growth was unchanged in February at 50.6. (continue reading…)

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Philly Fed: Manufacturing Activity Expanded at a Slightly Slower Pace in February

The Federal Reserve Bank of Philadelphia said that manufacturing activity expanded at a slightly slower pace in February than in January. The composite index of general business activity declined from 6.3 to 5.2. Overall activity was softer in both January and February than in prior months, with the headline index averaging 21.5 over the 10-month period from March through December. Nonetheless, the Manufacturing Business Outlook Survey continues to reflect mostly positive attitudes about the economy, with 55.0 percent of respondents suggesting that demand had increased so far in 2015 relative to the last quarter of 2014. (continue reading…)

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NY Fed: Manufacturing Activity Expanded for the Second Straight Month in the District

The Empire State Manufacturing Survey noted expansion for the second straight month in the district, according to the New York Federal Reserve Bank. The composite index of general business conditions declined from 10.0 in January to 7.8 in February, but this still represented modest growth overall for the region’s manufacturers. However, the underlying data were mixed but mostly reflected some easing in February, much like the headline figure. The pace of shipments (up from 9.6 to 14.1) was higher; yet, many of the other data points were weaker, including new orders (down from 6.1 to 1.2) and employment (down from 13.7 to 10.1). In addition, the average workweek (up from -8.4 to -1.1) contracted by less than the month before. (continue reading…)

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ISM: Growth in Manufacturing Activity Eased for the Third Straight Month in January

The Institute for Supply Management’s (ISM) manufacturing purchasing managers’ index (PMI) decreased from 55.5 in December to 53.5 in January. This marks the third straight monthly easing in the headline PMI number, and signals that weaknesses in the global economy have begun to dampen demand for U.S. manufacturers. Indeed, the index for new orders has fallen from healthy growth in November (62.1) to still-decent gains in December (57.8) to a more-modest expansion to begin the new year (52.9). January’s new orders pace reached its slowest in 12 months, with export growth (down from 52.0 to 49.5) turning marginally negative.  (continue reading…)

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Richmond Fed: Manufacturing Activity Continues to Grow Modestly

The Richmond Federal Reserve Bank said that manufacturing activity continued to expand modestly in January. The composite index of general business conditions edged marginally lower, down from 7 in December to 6 in January. While this represented a slower pace than the more-robust growth seen in October, when the composite index measured 20, it did represent the tenth consecutive monthly expansion in the Richmond Fed district. Moreover, growth in shipments (up from 5 to 10), capacity utilization (up from -5 to 9) and the average workweek (up from 4 to 8) accelerated for the month, which were encouraging signs. (continue reading…)

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