·
The Composite Index of activity in the manufacturing sector from the
Institute of Supply Management rose a point last month to 57.8 versus
Consensus expectations for little change at 57.0.
· During the last twenty years there has been a 70% correlation between the level of the Composite Index and the three month growth in factory sector industrial production.
· The Composite Index reflected gains in the new orders (61.5), employment (57.6) and inventory (50.7) components.
· The separate index of export orders fell and reversed nearly half of the prior month's rise.
· The prices paid index fell, and at 74.0 was well off the year's high of 88.0.
· "Using Manufacturing Surveys to Access Economic Conditions" from the Federal Reserve Bank of Richmond is available here.