Tag: new orders

Kansas City Fed: Manufacturing Sentiment Fell Further in April

The Kansas City Federal Reserve Bank said that manufacturing sentiment fell further in April, contracting for the second straight month. The composite index of general business conditions declined from -4 in March to -7 in April. The sample comments tick off a number of challenges for manufacturers in the district, including the strong U.S. dollar, lower crude oil prices, continuing logistics problems from the West Coast ports slowdown and global competition. The index for new export orders (down from -9 to -12) was negative for the fourth consecutive month, reflecting the dollar’s strength and weaknesses abroad. (continue reading…)

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Markit: Slower Manufacturing Data in China, Europe and the U.S. in April

Manufacturing activity in China contracted for the fourth time in the past five months, according to preliminary data from Markit. The HSBC Flash China Manufacturing PMI dropped from 49.6 in March to 49.2 in April, its lowest level in 12 months. The decline stemmed largely from reduced domestic demand, with the new orders index down from 49.3 to 49.2. The employment index (up from 47.4 to 48.0) has now reflected contracting levels of hiring for 20 straight months. On the positive side, new export orders (up from 49.0 to 50.6) shifted to a slight expansion in April, and output (down from 50.8 to 50.4) expanded ever-so slightly, albeit at a slower pace this month. (continue reading…)

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Philly Fed: Modest Manufacturing Growth in April, but With Lingering Challenges

The Federal Reserve Bank of Philadelphia said that manufacturing activity picked up a bit in April after softening over the past three months. The composite index of general business activity rose from 5.0 in March to 7.5 in April. This suggests modest growth overall, even as it continues to show an expansion that was slower than at the end of last year. The headline index was 24.3 in December, for instance. The Manufacturing Business Outlook Survey continues to reflect mostly positive attitudes moving forward, despite headwinds that will continue to challenge growth. One of those headwinds has been a stronger U.S. dollar. (continue reading…)

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NY Fed: Manufacturing Orders Contracted in April

The Empire State Manufacturing Survey contracted in April, ending three straight months of expansion in the district. The composite index of general business conditions from the New York Federal Reserve Bank declined from 6.9 in March to -1.2 in April. The decline stemmed from reduced new orders (down from -2.4 to -6.0), which decreased at a faster pace for the month. Nearly one-third of those taking the survey said that their new orders were lower in April, up from 27.5 percent in March. The index for the average employee workweek also narrowed, down from 5.2 to -4.3, but with 78.8 percent of respondents suggesting that the workweek was unchanged.  (continue reading…)

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Kansas City Fed: Reduced Manufacturing Activity in March

The Kansas City Federal Reserve Bank said that manufacturing activity declined in March, contracting for the first time in 12 months. The composite index of general business conditions declined from 1 in February to -4 in March. Perhaps more worrisome, the decline in new orders accelerated (down from -10 to -20), falling for the third straight month. The sample comments provide clues about why this is the case, with respondents noting a number of headwinds impacting their demand. These include snowstorms, reduced crude oil prices, the stronger U.S. dollar and the West Coast ports slowdown. (continue reading…)

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Durable Goods Orders and Shipments Were Soft in February

The Census Bureau said that new durable goods orders declined 1.4 percent in February, falling for the fifth time in the past seven months. Much of the decrease in February stemmed from reductions in the demand for transportation equipment, with new orders in that sector down 3.5 percent in February. This included a reduction in sales for motor vehicles and parts (down 0.5 percent for the month) and fewer nondefense and defense aircraft orders (down 8.9 percent and 33.1 percent, respectively). Note that aircraft orders can be quite volatile from month to month, as nondefense aircraft orders had increased 122.2 percent in January. Therefore, we often look at this data by stripping out the transportation equipment sector, and when you do so, durable goods orders decreased by 0.4 percent – still a soft figure. This mirrors other data showing a number of headwinds dampening demand and output in the early months of 2015. (continue reading…)

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Richmond Fed: Manufacturing Activity Contracted in March

The Richmond Federal Reserve Bank said that manufacturing activity contracted in March, declining for the first time in 12 months. The composite index of general business conditions decreased from zero in February to -8 in March. The underlying data were lower across-the-board, reflecting weaknesses for the month in terms of overall activity and a deterioration from February’s numbers. This included new orders (down from -2 to -13), shipments (down from -1 to -13), capacity utilization (down from -4 to -7) and the average workweek (up from -6 to -4). 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. On the positive side, hiring (up from 4 to 6) continued to grow modestly, providing some encouragement moving forward. (continue reading…)

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Markit: Chinese Manufacturing Activity Declined Again

The HSBC Flash China Manufacturing PMI reflected reduced activity again, down from 50.7 in February to 49.2 in March. It has contracted in three of the past four months now, reflecting a decelerated rate of growth in China. China has reduced its target real GDP growth rate for 2015 to 7 percent. New orders (down from 50.4 to 49.3), exports (up from 47.1 to 49.0) and employment (down from 49.3 to 47.0) were all below 50 in March – the threshold signifying growth. It was the reduction in demand that pushed the headline index lower. On the positive side, output (unchanged at 50.8) continues to expand very modestly for the month, and the decrease in input prices (up from 42.2 to 44.7) have helped manufacturers in terms of costs, even as the rate of decline was less in March. (continue reading…)

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Philly Fed: Modest Manufacturing Growth in the District in March

The Federal Reserve Bank of Philadelphia reported that manufacturing activity has expanding modestly in March. The composite index of general business activity edged marginally lower, down from 5.2 in February to 5.0 in March. Overall activity has been softer-than-desired in the first three months of 2015, averaging just 5.5; whereas, the composite index had averaged a more robust 18.6 for 2014 as a whole. Nonetheless, the Manufacturing Business Outlook Survey has now expanded for 13 straight months, and business leaders in the district remain relatively optimistic about the coming months. (continue reading…)

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NY Fed: Manufacturers Expanded in March, but at a Slower Pace

The Empire State Manufacturing Survey reported expansion in the sector for the third straight month in the district, but at a slower pace. The composite index of general business conditions from the New York Federal Reserve Bank has declined from 10.0 in January to 7.8 in February to 6.9 in March. The underlying data suggest a mixed picture for the sector. The pace of shipments (down from 14.1 to 7.9) eased for the month, but continued to grow at a decent rate. In contrast, growth in new orders (down from 1.2 to -2.4) slipped into negative territory. Roughly one-quarter of survey respondents said that their orders had increased for the month, with 27.5 percent noting declines. As such, these data mirror other indicators which reflect current headwinds in the economy. (continue reading…)

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