Factory Orders May & ADP Employment Jun
Summary: Headline reads factory orders smallest rise in three months.
Under the sheets... last months increase on aircraft orders proves illusory as non defense capital goods ex aircraft goes plunges negative.
Headline reads ADP report shows greater than estimated job losses.
Under the sheets... service sectors first decline since 2002 signals the bleed from housing is wide spread and worsening.
Factory Orders May +0.6% vs +1.3% Full Report
Inside the number: manufactured durable goods flat vs +1%; non durable goods +1.2%; ex transport -0.9 vs +1.9;
ex defense -0.6 vs -0.8; nondefense aircraft +10.3 vs -24.6; defense aircraft +14.9 vs -2.6
motor vehicle -3.3 vs -3.4; all other durable goods -0.4 vs +1.1; capital goods non defense ex aircraft -0.8 vs +3.1
ADP Employment Jun -79K vs +25K Full Report
Inside the number: prior revised down from +40K. This month’s decrease in employment was broad based across industrial sectors and suggests continued weakness in employment.
Services -3K; the first decline since Nov 02. Goods producing -76K (19th straight decline)); manufacturing -44K (22nd straight decline); construction -34K (19th straight decline).
Large business -51K; medium -35K; small +7K. Anna Piretti, a senior economist at BNP Paribas: "Clearly, there is more weakness to come in the labor market."
Under the sheets... last months increase on aircraft orders proves illusory as non defense capital goods ex aircraft goes plunges negative.
Headline reads ADP report shows greater than estimated job losses.
Under the sheets... service sectors first decline since 2002 signals the bleed from housing is wide spread and worsening.
Factory Orders May +0.6% vs +1.3% Full Report
Inside the number: manufactured durable goods flat vs +1%; non durable goods +1.2%; ex transport -0.9 vs +1.9;
ex defense -0.6 vs -0.8; nondefense aircraft +10.3 vs -24.6; defense aircraft +14.9 vs -2.6
motor vehicle -3.3 vs -3.4; all other durable goods -0.4 vs +1.1; capital goods non defense ex aircraft -0.8 vs +3.1
ADP Employment Jun -79K vs +25K Full Report
Inside the number: prior revised down from +40K. This month’s decrease in employment was broad based across industrial sectors and suggests continued weakness in employment.
Services -3K; the first decline since Nov 02. Goods producing -76K (19th straight decline)); manufacturing -44K (22nd straight decline); construction -34K (19th straight decline).
Large business -51K; medium -35K; small +7K. Anna Piretti, a senior economist at BNP Paribas: "Clearly, there is more weakness to come in the labor market."
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