Economic Reports 09/04/07
Summary: ISM shows slower growth with inventories still being worked off. Auto & Truck Sales falling further into the abyss...
speaking of which... responsible for 80% of all job creation since 2001, "the economy"...
Private Residential Construction Spending suffers 17th straight decline; down 23% from Feb 06 peak.
ISM Index Aug 52.9 vs prior 53.8 Full Report
Inside the number: New orders slowing 55.3 vs 57.5; Production growing 56.1 vs 55.6; Employment growing 51.3 vs 50.2.
Supplier deliveries slowing 50 vs 52; Inventories dropping 45.4 vs 48.5; Prices slowing 63 vs 65.
Backlog dropping 50.5 vs 52; Exports 57 vs 56.5 growing; Imports dropping 52.5 vs 54.5.
"Business is strong but margins are down due to higher raw material cost." (Primary Metals)
"Business is still off by as much as 40 percent over last year in the building materials industry — residential." (Nonmetallic Mineral Products)
"The Chinese government's recent decision to reduce the export rebate from 13 percent to 5 percent has resulted in higher priced export goods from China." (Plastics & Rubber Products)
"Inventory levels are high at our customers causing slower pulls toward the last quarter of 2007." (Transportation Equipment)
"We are starting to see signs of improvement." (Machinery) (Construction Machinery YTD -25%)
Auto & Truck Sales Aug
#2 US automaker Ford Motor said its U.S. sales of cars and trucks fell 14% in August; car sales plunged -34%.
More decline is expected as GM, Chrysler & Toyota report later in the day.
Erich Merkle, analyst at IRN Inc: "The housing-market decline and tightening credit will play out over the next 12 months, and automakers will have to be prepared to weather that storm."
Total Construction Spending Jul -0.4% vs prior +0.1% Full Report
Inside the number: Jun revised up from -0.3%; YOY -2%. Residential construction spending July -1.4%; YOY -15.6%.
Private residential construction spending July -1.4% YOY -16.1%. Since Feb 06 peak spending has declined 17 straight months; -23%.
SFR construction spending July -2.2%; YOY -25.3%
speaking of which... responsible for 80% of all job creation since 2001, "the economy"...
Private Residential Construction Spending suffers 17th straight decline; down 23% from Feb 06 peak.
ISM Index Aug 52.9 vs prior 53.8 Full Report
Inside the number: New orders slowing 55.3 vs 57.5; Production growing 56.1 vs 55.6; Employment growing 51.3 vs 50.2.
Supplier deliveries slowing 50 vs 52; Inventories dropping 45.4 vs 48.5; Prices slowing 63 vs 65.
Backlog dropping 50.5 vs 52; Exports 57 vs 56.5 growing; Imports dropping 52.5 vs 54.5.
"Business is strong but margins are down due to higher raw material cost." (Primary Metals)
"Business is still off by as much as 40 percent over last year in the building materials industry — residential." (Nonmetallic Mineral Products)
"The Chinese government's recent decision to reduce the export rebate from 13 percent to 5 percent has resulted in higher priced export goods from China." (Plastics & Rubber Products)
"Inventory levels are high at our customers causing slower pulls toward the last quarter of 2007." (Transportation Equipment)
"We are starting to see signs of improvement." (Machinery) (Construction Machinery YTD -25%)
Auto & Truck Sales Aug
#2 US automaker Ford Motor said its U.S. sales of cars and trucks fell 14% in August; car sales plunged -34%.
More decline is expected as GM, Chrysler & Toyota report later in the day.
Erich Merkle, analyst at IRN Inc: "The housing-market decline and tightening credit will play out over the next 12 months, and automakers will have to be prepared to weather that storm."
Total Construction Spending Jul -0.4% vs prior +0.1% Full Report
Inside the number: Jun revised up from -0.3%; YOY -2%. Residential construction spending July -1.4%; YOY -15.6%.
Private residential construction spending July -1.4% YOY -16.1%. Since Feb 06 peak spending has declined 17 straight months; -23%.
SFR construction spending July -2.2%; YOY -25.3%
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