- Spain: Retail Trade (Apr), GDP (Q1), Housing & Building Completions, Construction Approvals (Mar)
- Estonia: Government Finance (Apr); Kazakhstan: Second-Tier Banks Balance Sheet (Apr); Slovakia: Business & Consumer Survey (May)
- Qatar: PPI (Mar); Angola: Other Depository Corporations Survey, Credit by Institutional Sector, Credit by Economic Activity, Balance Sheet of Other Depository Corporations (Apr)
- Denmark: Retail Tendency Survey (May)
- Philippines: GDP (Q1); Singapore: Household Balance Sheet (Q1)
- more updates...
Economy in Brief
U.S. Gasoline Prices Inch Higher; Crude Oil Slips
Gasoline prices rose to an average $2.77 per gallon at the pump (-24.5% y/y) last week from 2.74 in the prior week...
U.S. Mortgage Loan Applications Ease as Rates Stay Elevated
The Mortgage Bankers Association reported that its total Mortgage Market Volume Index declined 1.6% last week (+10.9% y/y)...
Germany's Consumer Climate Continues to Improve
German consumer climate will advance to 10.2 in in June after logging 10.1 in May...
U.S. New Home Sales Improve With Prices
New home sales during April recovered 6.8% to 517,000 units (26.1% y/y) from 484,000 in March...
Texas Factory Sector Activity Softens
The Federal Reserve Bank of Dallas indicated that Texas business conditions eased sharply this month...
U.S. FHFA Home Price Increase Eases
The FHFA U.S. House Price Index increased 0.3% during March (5.2% y/y) following a 0.6% February rise...
by Tom Moeller June 2, 2011
Manufacturing orders pulled back 1.2% during April after a 3.8% March jump, revised up from 3.0%. Consensus expectations were for a 1.0% decline in total factory orders. For durable goods only, orders fell an unrevised 3.6%. As indicated last week, much of the decline in durables was due to aircraft. Nondurable goods orders, which equal shipments, rose 0.6% (14.6% y/y). Apparel shipments rose 0.9% (5.3% y/y) but chemical shipments fell 0.3% (+1.0% y/y).
Inventory building continued strong at 1.3% (12.3% y/y), although the figure was biased due to higher oil prices. Durable inventories jumped 0.9% (12.7% y/y) but nondurables surged 1.9% due to the 6.2% jump (35.6% y/y) in petroleum. Growth in unfilled orders moderated to 0.3% for the month. The 5.4% y/y gain masks, however, the strength of a 12.6% rise in backlogs less the transportation sector. It was led by a 31.2% y/y gain in backlogs of machinery orders and a 22.3% gain in electrical equipment, appliances & components.
The factory sector figures are available in Haver's USECON database.
Assessing Potential Financial Imbalances in an Era of Accommodative Monetary Policy is yesterday's speech by Fed Vice Chair Janet L. Yellen and it can be found here.
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