Tag Archives: manufacturing
Industrial Production Falls with Decline in Heating Demand
Industrial production fell 0.5% in April after increasing 0.3% in March. Most of the weakness showed up in a 3.7% monthly drop in utilities. Heat, in particular, didn’t need to be turned on as much, once spring arrived a month late. That said, losses were widespread with the only notable gains in mining. Production of [...]
Durable Goods Disappoint on Aircraft Orders
Durable goods orders fell 5.7% in March, the second decline in a row, though the increase in February was revised somewhat smaller than initially reported. The bulk of the drop occurred in nondefense aircraft and parts, which plummeted 48.2%. Declines were also posted in metals, machinery and electrical equipment. Orders for vehicles continued to rise [...]
Industrial Production Rises in Response to Cold Weather
Industrial production rose 0.4% in March, driven almost entirely by unusually strong demand for utilities and heating. Manufacturing and mining activity abated slightly, after being revised up for the month of February. Production during the first quarter as a whole rose at a 5% annual rate, the fastest pace since early 2012. Consumer goods were [...]
Cold March Puts Chill on Job Creation
Nonfarm payroll employment rose a dismal 88,000 in March, well below expectations. Job losses were heavily concentrated in areas affected by cooler-than-usual March weather. Retailers who couldn’t sell spring merchandise decided to lay off workers and are now offering discounts; building and garden stores cut workers as spring planting and lawn work was delayed; and, [...]
ADP Employment Report Disappoints
ADP private payroll employment increased by 158,000 in March, well below the 200,000 expected by most in the financial markets. Small business employment accounted for about half of the gains; medium and large-sized firms essentially split the rest. Service sector jobs accounted for the bulk of gains, something which continues to worry the Federal Reserve; [...]
Construction Activity Bounces Back on Housing
Construction spending rose 1.2% in February after declining in January. We are still off the high hit in December. Gains in the private sector continued to outpace gains in the public sector. Residential construction was among the strongest categories. Single-family home construction picked up, however, while multifamily building continued to cool. The shift from multi [...]
Durable Goods Jump on Aircraft Orders
Durable goods orders jumped 5.7% in February from the month earlier, helped by a rebound in orders at Boeing. Aircraft orders alone were up a whopping 95.3% in February after plummeting in January. Vehicle orders also increased during the month, which bodes well for the auto industry. There is also some linkage between vehicle orders [...]
Industrial Production Higher on Utilities and Durables
The index of industrial production jumped 0.7% in February as more seasonal weather returned, prompting many consumers to raise thermostats and businesses to increase production of everything from vehicles to appliances, electronics, furniture and carpeting. Moreover, manufacturing gains for the previous two months were revised up. The pickup in production in consumer durables reflects several [...]
Employment Surprises to Upside
Payroll employment jumped 236,000 in February, well above market expectations, but net job gains for the previous two months were revised down. Private sector jobs rose 246,000, underscoring a sense that the recovery is finally gaining some momentum. The imprint of a stronger housing market was all over the report. Construction employment rose by 48,000 [...]
Q4 Growth Better than Headline
Real GDP rose at a revised 0.1% annual rate in the fourth quarter of 2012. That marks a smaller-than-expected upward revision from the initially reported 0.1% decline for the quarter. The reasons for the drop, however, were largely due to a weather-related drop in farm inventories, which will be reversed, and a 22% plunge in [...]
Bloomberg asks Diane Swonk to explain Fed concern over unemployment
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