Productivity; Factory Orders; ADP Employment; Initial Claims; ISM Services
Summary: Headline reads Q2 productivity increased faster, under the sheets...
Unit profits 4th straight double digit decline as unit labor costs shrunk due to layoffs while manufacturing productivity fell off a cliff.
Headline reads, factory orders increase unexpected, under the sheets...
confirming productivity report, price increases being advertised as growth, while durable activity sinks further.
Headline reads, ADP employment declined only 33K, under the sheets... the emasculation continues.
Headline reads, initial claims increase, under the sheets... continuing unemployment worsens to new multi year highs.
Headline reads, ISM services growing, under the sheets... anything but as...
new orders, employment, exports, imports & backlog all contracting, increasing? Prices for the 63rd month.
Bank of Canada, BOE & ECB Rate Announcements
BOE steady at 5%; Bank of Canada steady at 3%; ECB steady at 4.25%
Productivity-Rev. Q2 +4.3% vs +2.2% Full Report
Inside the number: Unit profits -24.7% while real compensation declined across the board excepting non durables +0.2%.
Durable productivity in the tank: manufacturing -2.2%; durable goods -4.5%; non durable +0.2%
Factory Orders Jul +1.3% vs +2.1% Full Report
Inside the number: figures seasonally adjusted in current dollars, not adjusted for price changes. ex transport +1%.
YTD: motor vehicles -13.8%; transportation equipment -11%; non defense aircraft -18.1%; defense aircraft +76.9%.
durable goods -0.6%; electric lighting equipment -12.4%; furniture -5.1%; household appliances -4.5%; industrial machinery -7.5%
Price changes, reflecting the true rate of stagflation: Non durables +1.2%; YTD +13.2%.
ADP Employment Aug -33K vs +1K Full Report
Inside the number: prior revised down from +9K. Small +20K; medium -25K; large -28K.
Goods producing -78K (21st straight decline); Service providing +45K; Manufacturing -56K (24th straight decline); Construction -25K (21st straight decline).
Initial Claims 08/30 +15K to 444K vs 429K Full Report
Inside the number: prior revised up 14K. 4 week MA -3.25K at 438K. Continuing unemployment +6K at 3.435M; 4 week MA +33.25K at 3.4M.
ISM Services Aug 51.6 vs 49.5 Full Report
Inside the number: contracting: new orders 49.7 vs 47.9; employment 45.4 vs 47.1; backlog 49 vs 52; export orders 44.5 vs 47.5; imports 46 vs 49.
Slowing deliveries 55.4 vs 53.5. Still increasing prices 72.9 vs 80.8, the 63rd straight month.
"Despite constant reminders of a tough economy ... business prospects are fairly strong." (Professional, Scientific & Technical Services)
"Fuel is easing, impacting many areas positively, but distributors are still under tremendous pressure due to the cost of diesel." (Accommodation & Food Services)
"Although we've had some relief recently, energy prices continue to influence buying and budgeting decisions." (Public Administration)
"New home construction continues to struggle under the weight of the current unsold housing inventory." (Wholesale Trade)
"If the drop in oil prices can be sustained, we should see a more profitable third quarter." (Utilities)
Unit profits 4th straight double digit decline as unit labor costs shrunk due to layoffs while manufacturing productivity fell off a cliff.
Headline reads, factory orders increase unexpected, under the sheets...
confirming productivity report, price increases being advertised as growth, while durable activity sinks further.
Headline reads, ADP employment declined only 33K, under the sheets... the emasculation continues.
Headline reads, initial claims increase, under the sheets... continuing unemployment worsens to new multi year highs.
Headline reads, ISM services growing, under the sheets... anything but as...
new orders, employment, exports, imports & backlog all contracting, increasing? Prices for the 63rd month.
Bank of Canada, BOE & ECB Rate Announcements
BOE steady at 5%; Bank of Canada steady at 3%; ECB steady at 4.25%
Productivity-Rev. Q2 +4.3% vs +2.2% Full Report
Inside the number: Unit profits -24.7% while real compensation declined across the board excepting non durables +0.2%.
Durable productivity in the tank: manufacturing -2.2%; durable goods -4.5%; non durable +0.2%
Factory Orders Jul +1.3% vs +2.1% Full Report
Inside the number: figures seasonally adjusted in current dollars, not adjusted for price changes. ex transport +1%.
YTD: motor vehicles -13.8%; transportation equipment -11%; non defense aircraft -18.1%; defense aircraft +76.9%.
durable goods -0.6%; electric lighting equipment -12.4%; furniture -5.1%; household appliances -4.5%; industrial machinery -7.5%
Price changes, reflecting the true rate of stagflation: Non durables +1.2%; YTD +13.2%.
ADP Employment Aug -33K vs +1K Full Report
Inside the number: prior revised down from +9K. Small +20K; medium -25K; large -28K.
Goods producing -78K (21st straight decline); Service providing +45K; Manufacturing -56K (24th straight decline); Construction -25K (21st straight decline).
Initial Claims 08/30 +15K to 444K vs 429K Full Report
Inside the number: prior revised up 14K. 4 week MA -3.25K at 438K. Continuing unemployment +6K at 3.435M; 4 week MA +33.25K at 3.4M.
ISM Services Aug 51.6 vs 49.5 Full Report
Inside the number: contracting: new orders 49.7 vs 47.9; employment 45.4 vs 47.1; backlog 49 vs 52; export orders 44.5 vs 47.5; imports 46 vs 49.
Slowing deliveries 55.4 vs 53.5. Still increasing prices 72.9 vs 80.8, the 63rd straight month.
"Despite constant reminders of a tough economy ... business prospects are fairly strong." (Professional, Scientific & Technical Services)
"Fuel is easing, impacting many areas positively, but distributors are still under tremendous pressure due to the cost of diesel." (Accommodation & Food Services)
"Although we've had some relief recently, energy prices continue to influence buying and budgeting decisions." (Public Administration)
"New home construction continues to struggle under the weight of the current unsold housing inventory." (Wholesale Trade)
"If the drop in oil prices can be sustained, we should see a more profitable third quarter." (Utilities)
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