Construction Spending; ISM
Summary: Headline reads construction spending dips, under the sheets...
hitting a fresh seven year low, decimation of the main economic engine continues with a Yoy 40% decline in private SFR spending.
Headline reads manufacturing flat as prices decline, under the sheets...
prices increased for the 20th month, new orders contracted for the 9th month as companies slowed production and cut payrolls.
Construction Spending Jul -0.6 vs +0.3% 1.084 Trillion Full Report
Inside the number: Yoy -4.8%; residential -2.1%; Yoy -27.1%. Private residential -2.3% Yoy -27.5%; the 16th consective decline. Private SFR -3.7%; Yoy -40.9%
ISM Index Aug 49.9 vs 50.0 Full Report
Inside the number: production growing 52.1 vs 52.9...
contracting: new orders 48.3 vs 45; employment 49.7 vs 51.9; backlog 43 vs 43; supplier deliveries slowing 50.3 vs 55.1.
Norbert Ore chair of ISM: "The PMI indicates a slight decline in manufacturing during August.
This continues the 2008 trend toward negligible growth or contraction each month, but ultimately results in very little overall change in the sector."
"Business is picking up and continues to improve for projects to be constructed in 3rd and 4th quarters 2008." (Electrical Equipment, Appliances & Components)
"The lower oil prices and stronger dollar are good news." (Fabricated Metal Products)
"We are contracting our manufacturing skills to companies involved in wind power, coal mining and other energy fields in order to ride the recessionary wave in the rust belt." (Machinery)
"Material prices continue to rise; however, selling prices of our products have risen as well." (Paper Products)
"Prices remain predictable ... they keep going up." (Food, Beverage & Tobacco Products)
hitting a fresh seven year low, decimation of the main economic engine continues with a Yoy 40% decline in private SFR spending.
Headline reads manufacturing flat as prices decline, under the sheets...
prices increased for the 20th month, new orders contracted for the 9th month as companies slowed production and cut payrolls.
Construction Spending Jul -0.6 vs +0.3% 1.084 Trillion Full Report
Inside the number: Yoy -4.8%; residential -2.1%; Yoy -27.1%. Private residential -2.3% Yoy -27.5%; the 16th consective decline. Private SFR -3.7%; Yoy -40.9%
ISM Index Aug 49.9 vs 50.0 Full Report
Inside the number: production growing 52.1 vs 52.9...
contracting: new orders 48.3 vs 45; employment 49.7 vs 51.9; backlog 43 vs 43; supplier deliveries slowing 50.3 vs 55.1.
Norbert Ore chair of ISM: "The PMI indicates a slight decline in manufacturing during August.
This continues the 2008 trend toward negligible growth or contraction each month, but ultimately results in very little overall change in the sector."
"Business is picking up and continues to improve for projects to be constructed in 3rd and 4th quarters 2008." (Electrical Equipment, Appliances & Components)
"The lower oil prices and stronger dollar are good news." (Fabricated Metal Products)
"We are contracting our manufacturing skills to companies involved in wind power, coal mining and other energy fields in order to ride the recessionary wave in the rust belt." (Machinery)
"Material prices continue to rise; however, selling prices of our products have risen as well." (Paper Products)
"Prices remain predictable ... they keep going up." (Food, Beverage & Tobacco Products)
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