- Index remained (though barely) in positive territory for the second consecutive month, indicating that manufacturing activity was inching up.
- Prior to last month, the index had been negative for 22 consecutive months.
- Positive readings across most key components.
Introducing
Sandy Batten
in:Our Authors
Sandy Batten has more than 30 years of experience analyzing industrial economies and financial markets and a wide range of experience across the financial services sector, government, and academia. Before joining Haver Analytics, Sandy was a Vice President and Senior Economist at Citibank; Senior Credit Market Analyst at CDC Investment Management, Managing Director at Bear Stearns, and Executive Director at JPMorgan. In 2008, Sandy was named the most accurate US forecaster by the National Association for Business Economics. He is a member of the New York Forecasters Club, NABE, and the American Economic Association. Prior to his time in the financial services sector, Sandy was a Research Officer at the Federal Reserve Bank of St. Louis, Senior Staff Economist on the President’s Council of Economic Advisors, Deputy Assistant Secretary for Economic Policy at the US Treasury, and Economist at the International Monetary Fund. Sandy has taught economics at St. Louis University, Denison University, and Muskingun College. He has published numerous peer-reviewed articles in a wide range of academic publications. He has a B.A. in economics from the University of Richmond and a M.A. and Ph.D. in economics from The Ohio State University.
Publications by Sandy Batten
USA| Aug 28 2025FRB Kansas City Manufacturing Index Unchanged in August
by:Sandy Batten
|in:Economy in Brief
- Durable goods orders fell 2.8% m/m in July on top of a 9.4% monthly drop in June.
- Once again, weak nondefense aircraft orders were the key factor; nondefense aircraft orders plunged 33% m/m in July on top of a 53% m/m decline in June.
- In contrast, orders excluding transportation rose a solid 1.1% m/m in July, their largest monthly gain since September 2024.
- Core capital goods orders rebounded, and shipments posted a solid gain.
by:Sandy Batten
|in:Economy in Brief
USA| Aug 21 2025U.S. Philly Fed Manufacturing Index Dipped Below Zero in August
- The headline index fell more than 16 points to -0.3, led by outsized declines in both new orders and shipments.
- The ISM-adjusted composite fell below the critical 50 level for the first time in four months, also pointing to a decline in activity.
- Delivery times shortened further while both prices paid and prices received indexes posted gains.
by:Sandy Batten
|in:Economy in Brief
- The highest reading since November 2024.
- The August rise was led by stronger new orders and continued gains in shipments.
- More evidence of nascent supply-chain problems.
- Outlook six months ahead faded slightly.
by:Sandy Batten
|in:Economy in Brief
USA| Aug 15 2025U.S. Import Prices Rebounded in July
- Import prices rose 0.4% m/m in July against expectations of no change after declines in both May and June.
- Higher prices for imported petroleum and natural gas drove the July rebound.
- Export prices ticked up 0.1% m/m, largely reflecting higher prices for nonagricultural exports.
by:Sandy Batten
|in:Economy in Brief
- New claims edged down to 224,000 from 227,000 in the previous week.
- Continuing claims fell to 1.953 million from 1.968 million.
- The insured unemployment rate was unchanged at 1.3%.
by:Sandy Batten
|in:Economy in Brief
USA| Aug 07 2025U.S. Productivity Rebounded in Q2; Unit Labor Costs Slowed
- Nonfarm business productivity increased 2.4% q/q annualized in Q2, more than reversing the 1.8% quarterly decline in Q1.
- Compensation growth slowed to 4.0% from 5.0% in Q1.
- Consequently, unit labor cost growth slowed markedly to 1.6% from 6.9% in Q1.
by:Sandy Batten
|in:Economy in Brief
USA| Jul 31 2025Growth of U.S. Employment Cost Index Unchanged in Q2
- Compensation grew 0.9 q/q in Q2, the same pace as in both Q1 and Q4 2024.
- Wage growth picked up to 1.0% q/q while benefits slowed to 0.7% q/q after Q1 surge.
by:Sandy Batten
|in:Economy in Brief
USA| Jul 30 2025U.S. ADP Employment Rebounds in July
- Private payrolls increased 104,000 in July after a 23,000 decline in June.
- Goods-producing jobs rose 31,000, and service-producing jobs rose 74,000.
- Job stayer wage growth moderated further.
by:Sandy Batten
|in:Economy in Brief
USA| Jul 29 2025U.S. JOLTS—Openings and Hiring Slid in June
- Job openings fell 275,000 in June after having risen in each of the previous two months.
- Hiring fell 261,000, the largest monthly decline since June 2024.
- Separations fell 153,000, led by a 128,000 decline in quits.
- Layoffs edged down 7,000, the third monthly decline in the past four months.
by:Sandy Batten
|in:Economy in Brief
USA| Jul 17 2025U.S. Philly Fed Manufacturing Index Jumps in July
- The headline index jumped nearly 20 points, led by strong performances by both orders and shipments.
- However, ISM-adjusted composite slipped a bit, indicating that the jump in the headline index was not widely supported by the components.
- Delivery times shortened markedly while both prices paid and prices received indexes posted significant gains.
by:Sandy Batten
|in:Economy in Brief
USA| Jul 17 2025U.S. Import Prices Edged Up and Export Prices Rebounded in June
- Import prices edged up in June from May but fell from a year ago.
- Higher prices for nonfuel imports more than offset lower prices for fuel imports in June.
- Export prices jumped more than expected, nearly reversing May’s decline.
- Prices rose for both agricultural and nonagricultural exports.
by:Sandy Batten
|in:Economy in Brief
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