Tag: new orders

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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Dallas Fed: Reduced Energy Prices Have Weakened Manufacturing Activity

Texas manufacturers have been hurt by lower petroleum prices. The Dallas Federal Reserve Bank said that manufacturing activity contracted in its district for the first time since May 2013, with reduced energy prices weakening demand and dampening the outlook. The composite index of general business activity has declined from 10.1 in November to 3.5 in December to -4.4 in January. The bulk of the sample comments, for instance, mentioned crude oil prices, both for those in the energy supply chain and from others who are worried about the impacts on the broader Texas economy.   (continue reading…)

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Kansas City Fed: Manufacturers Began the New Year on a Softer Note

The Kansas City Federal Reserve Bank said that manufacturing activity slowed in January, beginning the new year on a softer note. The composite index of general business conditions dropped from 8 in December to 3 in January, its lowest level in five months. Underlying this figure, new orders (down from 14 to -8), production (down from 7 to -2), shipments (down from 8 to -5) and exports (down from zero to -7) declined for the month, and hiring (down from 8 to zero) stagnated. On the positive side, it was the 13th straight month with expanding levels of sentiment, and manufacturers remain mostly optimistic about the coming months. (continue reading…)

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Philly Fed: Manufacturing Activity Slowed in January, but Outlook Remains Strong

Manufacturers in the Philadelphia Federal Reserve Bank district reported somewhat slower growth in January. The composite index of general business conditions fell from 24.3 in December to 6.3 in January, starting 2015 off on a slightly weaker note. Yet, it was the eleventh straight monthly expansion, and the composite index averaged a sky-high 25.1 in the second half of 2014. Some moderation in growth might have been expected at some point. (continue reading…)

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New York Manufacturers Expanded Again in January After Contracting in December

The Empire State Manufacturing Survey found that activity expanded again in January after contracting slightly in December. The New York Federal Reserve Bank’s composite index rose from -1.2 in December to 10.0 in January. (Note that historical data were revised this month to incorporate new seasonal adjustments.)

This was good news and a positive way to begin 2015, with increased sales (up from 0.4 to 6.1), shipments (up from 2.6 to 9.6) and employment (up from 8.3 to 13.7). Indeed, one-third of those responding to the survey said that there were increased new orders in January, up from 26.0 percent in December. Still, the average employee workweek 8.4) (up from -11.5 to -continue to narrow, despite some progress for the month. The workweek should begin to improve, however, with increased activity. (continue reading…)

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ISM: Slower Manufacturing Growth in December, but Notable Improvements from Earlier in the Year

The Institute for Supply Management said that growth in manufacturing activity slowed somewhat in December. The manufacturing purchasing managers’ index (PMI) dropped from 58.7 in November to 55.5 in December, its lowest level in six months. While this was disappointing, it is important to note that new orders (down from 66.0 to 57.3) and production (down from 64.4 to 58.8) continued to expand at decent levels, albeit with less strength that in prior months. Indeed, this was the first time since June that the new orders index had been below 60, and December’s production figure ended seven consecutive months with that index exceeding 60. (continue reading…)

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Philly Fed: Manufacturing Activity Remained Strong in December

The Federal Reserve Bank of Philadelphia said that manufacturing activity remained strong in December. While the composite index dropped from 40.8 in November to 24.5 in December, that figure continues to reflect healthy gains in demand and output. The November data points were outliers in terms of their strength, with December’s report reflecting figures that were closer to the average of the second half of 2014 (27.0). Manufacturers in the Philly Fed region have cited marked improvements since the first half, when the composite index contracted in February and averaged just 10.3 over the first six months of the year. (continue reading…)

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Markit: Chinese Manufacturing Activity Contracted for the First Time Since May

The Chinese economy continues to slow, with the HSBC Flash China Manufacturing Purchasing Managers’ Index (PMI) contracting for the first time since May. The headline index declined from 50.0 in November to 49.5 in December. New orders (down from 51.3 to 49.6), output (up from 49.6 to 49.7) and employment (up from 48.7 to 48.9) were below 50 – the threshold signifying reduced activity – in December, with production declining for the second straight month. On the positive side, new export orders (up from 51.1 to 51.7) were still growing somewhat modestly. As such, this report suggests that the Chinese economy is ending 2014 much as it began it, with softness in the manufacturing sector. (continue reading…)

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ISM: Manufacturing Activity Remained Healthy in November

The Institute for Supply Management’s (ISM) manufacturing purchasing managers’ index (PMI) edged marginally lower, down from 59.0 in October to 58.7 in November. October’s reading had been the highest level since March 2011. Despite the slight decrease, it is clear that manufacturing activity remained healthy in November. The headline PMI figure has averaged 58.1 so far in the second half of 2014, which represents progress from the average of 54.0 for the first half of the year. Moreover, the sector has largely rebounded from the weather-related softness in January (51.3). (continue reading…)

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Excluding Transportation, New Durable Goods Orders Were Soft in October

The Census Bureau said that new durable goods orders rose 0.4 percent in October, increasing for the first time since July. Yet, the October figure was buoyed by higher transportation order sales, which grew 3.4 percent for the month. Orders of motor vehicles and parts were up 0.3 percent for the month and 6.1 percent year-to-date, suggesting that that segment of the manufacturing sector remains quite healthy. Defense aircraft sales were also up sharply in October. (continue reading…)

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