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Economy in Brief
U.S. Energy Prices Rise Further
Retail gasoline prices increased to $4.59 per gallon in the week ended May 23...
S&P Flash PMIs Are Mixed in May As Manufacturing Erodes Slowly
Among the early reporting countries in Europe and Japan, the S&P PMI readings for May tilt toward weakness...
NABE Lowers Growth Expectations for Next Year & 2022
The NABE expects the economic expansion to continue through its third year...
Chicago Fed National Activity Index Improves in April
The Chicago Fed National Activity Index (CFNAI) rose to 0.47 during April...
IFO Registers Small Rebound on the Month
Germany's IFO index has rebounded on the month...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Profits & Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
by Tom Moeller August 31, 2012
New orders in the manufacturing sector surged 2.8% during July following an unrevised 0.5% June fall. Expectations were for a 2.0% increase. Durable goods orders surged 4.1%, little revised from last week's advance report of a 4.2% rise. A 14.4% rise (16.5% y/y) in transportation sector bookings drove the increase. Less transportation, total factory orders rose 0.7% (-0.6% y/y). Nondurable goods orders (which equal shipments) rose 1.5% (-0.6% y/y). That was led by a 2.7% gain (-2.5% y/y) in petroleum shipments with higher prices. Shipments of textile products rose 0.7% (4.7% y/y), basic chemicals shipments recovered 1.7% (-3.3% y/y) and shipments of paper products increased 0.7% (-1.6% y/y).
Inventories in the factory sector rose 0.5% during July, the first rise after three months of decline. Nevertheless, the 3.1% y/y rate of inventory accumulation was down from its 13.6% rate one year ago. Lower rates of accumulation occurred across industries. Unfilled orders rose 0.8% (8.0% y/y) but growth has weakened considerably this year.
The factory sector figures are available in Haver's USECON database. The expectation figure is in AS1REPNA.
Factory Sector- NAICS Classification | Jul | Jun | May | Y/Y | 2011 | 2010 | 2009 |
---|---|---|---|---|---|---|---|
New Orders | 2.8 | -0.5 | 0.5 | 1.9 | 11.8 | 18.0 | -23.1 |
Shipments | 2.0 | -1.2 | 0.3 | 2.4 | 11.8 | 11.2 | -18.8 |
Inventories | 0.5 | -0.1 | -0.1 | 3.1 | 9.4 | 8.8 | -6.8 |
Unfilled Orders | 0.8 | 0.4 | -0.0 | 8.0 | 10.3 | 9.6 | -19.5 |