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Economy in Brief

Kansas City Fed Factory Sector Activity and Pricing Power Indexes Recover M/M
by Tom Moeller  July 24, 2014

The Federal Reserve Bank of Kansas City reported that its July Composite index of 10th District factory sector activity improved to 9 and made up most of its decline to 6 during June. The latest figure remained in the range of readings since earlier this year but improved versus the lows of early 2013. The composite index is an average of the production, new orders, employment, supplier delivery time and raw materials inventory indexes. Most of these series have been range-bound following improvement late in 2013. The prices paid index recovered moderately but remained in the range of the last nine months.

The expectations reading also improved m/m but it's been trending lower for the last six months. Nevertheless, it remained above the current conditions index and thus suggests future improvement in business conditions. Most of the component series moved lower but the employment, employee workweek, raw materials prices and capital expenditures series have been trending higher.

The diffusion indexes are calculated as the percentage of total respondents reporting increases minus the percentage reporting declines. The survey included 94 responses from plants in Colorado, Kansas, Nebraska, Oklahoma, Wyoming northern New Mexico. Data for the Kansas City Fed Survey can be found in Haver's SURVEYS database.

Kansas City Federal Reserve Manufacturing Survey (SA) Jul Jun May Jul '13 2013 2012 2011
Conditions Versus One Month Ago (% Balance) 9 6 10 5 0 4 9
   New Orders Volume 12 8 11 5 1 0 5
   Number of Employees 8 1 10 -1 -2 5 11
   Prices Received for Finished Product 7 2 14 1 3 5 12
Expected Conditions in Six Months 15 12 13 7 10 12 16
   New Orders Volume 24 14 22 19 18 21 24
   Number of Employees 23 14 16 7 9 13 17
   Prices Received for Finished Product 25 28 32 24 24 24 29
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