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Economy in Brief
German PPI Rises at Nine-Month High Pace
The German PPI gained 0.2% in June on the heels of a 0.6% rise in May...
U.S. Leading Economic Indicators Improve
The Conference Board's Composite Index of Leading Economic Indicators increased 0.5% (5.8% y/y) during June...
Philadelphia Fed Factory Conditions Recover; Prices Surge
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rebounded to 25.7 during July...
U.S. Initial Unemployment Insurance Claims Hit Lowest Since 1969
Initial claims for unemployment insurance dropped to 207,000 during the week ended July 14...
Japan's Trade Deficit Swings Back to Surplus (Small Surplus)
Japan's early June trade results show a goods trade position having swung back to surplus in June from deficit in May...
by Tom Moeller June 29, 2015
The Federal Reserve Bank of Dallas reported that its June Composite index of factory sector activity improved to -7.0 during June, its least negative reading since January. The figure reflected modest improvement in production, employment, shipments, capacity utilization and wages & benefits. Raw materials pricing power jumped into positive territory, the firmest reading since November.
The business activity reading for six months ahead of 8.1 was its best number since December, but remained down from the April 2014 high of 25.3. Improvement in the future general business activity, employment and wages & benefits series led the way higher. There was slight deterioration in most of the other component series including shipments, production and the growth rate of new orders.
The diffusion indexes are calculated as the percentage of total respondents reporting increases minus the percentage reporting declines. Firms are asked whether output, employment, orders, prices and other indicators increased, decreased or remained unchanged over the previous month. The data can be found in Haver's SURVEYS database.
| Dallas Federal Reserve Manufacturing Survey (SA, Percent Balance) | Jun | May | Apr | Jun '14 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| General Business Activity Versus One Month Ago | -7.0 | -20.8 | -16.0 | 11.9 | 8.3 | 2.2 | -0.6 |
| Production | -6.5 | -13.5 | -4.7 | 16.2 | 14.6 | 9.8 | 8.7 |
| Growth Rate of New Orders | -16.5 | -15.2 | -15.5 | 2.7 | 4.7 | 0.1 | -2.8 |
| Number of Employees | -1.2 | -8.2 | 1.8 | 13.7 | 11.5 | 5.6 | 11.8 |
| Prices Received for Finished Goods | -1.9 | -8.7 | -7.7 | 8.0 | 8.3 | 2.9 | 0.9 |
| Business Activity in Six Months | 8.1 | 4.9 | -5.9 | 19.3 | 17.4 | 11.0 | 7.6 |
| Production | 35.2 | 38.6 | 28.2 | 44.3 | 42.7 | 37.1 | 32.4 |
| Future New Orders Growth Rate | 21.1 | 27.3 | 19.6 | 31.3 | 31.5 | 25.0 | 19.5 |
| Number of Employees | 16.9 | 14.1 | 12.4 | 29.8 | 28.6 | 23.1 | 19.1 |
| Wages & Benefits | 31.0 | 30.6 | 34.2 | 45.3 | 43.0 | 38.2 | 34.2 |
