Economic Reports 01/03/07
Summary: Retail Holiday sales off slightly, while auto sales continue to fall.
ISM back up over 50 with the 1st increase since July 06, while construction spending continues to fall.
Economic growth is decelerating due to weakness in auto production and home building.
As homebuilding and automotive weaken further, softer consumer spending numbers for appliances, furniture, and other home furnishings will follow. The worst is yet to come.
ISM Manufacturing Dec 51.4 vs prior 49.5 Full Report
Inside the number: New orders UP to 52.1% from 48.7%, Production UP to 51.8% from 48.5%, Prices paid DOWN to 47.5% from 53.5%, Employment UP to 49.7% from 49.2%.
Construction Spending Nov -0.2% vs prior -0.3% Full Report
Inside the number: private residential construction projects DOWN 1.6% in Nov, DOWN 1.7% in Oct, & DOWN 1.3% in Sept. YOY, private residential construction spending DOWN 11.0%.
ISM back up over 50 with the 1st increase since July 06, while construction spending continues to fall.
Economic growth is decelerating due to weakness in auto production and home building.
As homebuilding and automotive weaken further, softer consumer spending numbers for appliances, furniture, and other home furnishings will follow. The worst is yet to come.
ISM Manufacturing Dec 51.4 vs prior 49.5 Full Report
Inside the number: New orders UP to 52.1% from 48.7%, Production UP to 51.8% from 48.5%, Prices paid DOWN to 47.5% from 53.5%, Employment UP to 49.7% from 49.2%.
Construction Spending Nov -0.2% vs prior -0.3% Full Report
Inside the number: private residential construction projects DOWN 1.6% in Nov, DOWN 1.7% in Oct, & DOWN 1.3% in Sept. YOY, private residential construction spending DOWN 11.0%.
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