Economic Reports 05/08/90
Pending Home Sales April
90.3 vs 84.6 +6.7%; this meaningless stat which does not reflect actual closed deals, jumped on a gaggle of foreclosure sales in the pipeline.
Personal Income April
+0.5%; Yoy +0.7%; Consumer Spending -0.1%; Yoy -1.5%. More unemployed & foreclosure displacement.
Rental income rebounded 3.1% after several months of decline due to another wave of foreclosure victims having to seek rentals.
The income gain was largely due to increased government social benefit payments, including unemployment insurance +8.6%.
However, a more realistic view of income is the wages and salaries component which was unchanged.
ISM Manufacturing Index May
42.8 vs 40.1 New orders are the biggest news in the report, rising above 50 for the first time in 17 months...
durable goods orders have been on a 9-month slide though they did show improvement in April.
Order backlogs are also improving, at 48.0 vs. 40.5. Production is up more than 5.5points to 46 though employment continues to lag, little changed at a very depressed 34.3.
A 2nd straight big decline in customer inventories, at 46.0 vs. 49.5 to indicate strongly that manufacturers no longer think that inventories at other firms are too high.
ISM Services May
44 vs 43.7 however, month to month contraction is deepening witnessed by new orders falling, not rising, to 44.4, down from 47 in April…
Also, a decline in backlog orders, down 4 points to 40.
Stagflation is raging again with the price index up nearly 7 points to 46.9, more a reflection of rising oil and commodity prices than rising demand.
Factory Orders April
+0.7%; durable +1.7%; non durable -0.1%. Factory destocking continues with inventories -1%; shipments -0.2%; unfilled orders -1.2%.
Construction Spending April
+0.8%, Yoy -10.7%; headline reads improvement, however, no relief in sight as SFR -6.7%; multi family -8.9%; Yoy SFR -53%
Productivity & Costs Q1:09
+1.6% vs +0.8%; costs +3.3% vs +3%; both reflecting trimmed costs & further layoffs.
ADP Employment May
-532K with April worsening from -491K to -545K. Non farm service sector -265K; goods producing -267K; construction -108K; manufacturing -149K, a 39th consecutive decline.
Business large -100K; medium -223K; small -209K. The emasculate economy has nothing to fall back on...
since Jan 08 peak small business has shed 2.125M jobs; since the Jan 07 peak construction has shed 1.345M jobs.
Initial Jobless Claims 05/30
-4K at 621K; 4 week MA +4K at -631.25K. Continuing claims first decline in four months -15K at 6.735M; however, 4 week MA +88.75K at 6.687M
Non Farm Payrolls May
-345K vs -539K, finally a deceleration. However, Feb & Mar losses revised up a net 82K and the unemployment rate up to 9.4% vs 8.9%.
Losses were widespread in both goods-producing -225K and services-providing industries -120K...
a 156K drop in manufacturing employment with motor vehicles & parts down 30K. Construction declined 59K.
The latest decline was led by a 51K decline in professional business services, a 30K fall in financial activities, and a 22K decrease in wholesale trade.
90.3 vs 84.6 +6.7%; this meaningless stat which does not reflect actual closed deals, jumped on a gaggle of foreclosure sales in the pipeline.
Personal Income April
+0.5%; Yoy +0.7%; Consumer Spending -0.1%; Yoy -1.5%. More unemployed & foreclosure displacement.
Rental income rebounded 3.1% after several months of decline due to another wave of foreclosure victims having to seek rentals.
The income gain was largely due to increased government social benefit payments, including unemployment insurance +8.6%.
However, a more realistic view of income is the wages and salaries component which was unchanged.
ISM Manufacturing Index May
42.8 vs 40.1 New orders are the biggest news in the report, rising above 50 for the first time in 17 months...
durable goods orders have been on a 9-month slide though they did show improvement in April.
Order backlogs are also improving, at 48.0 vs. 40.5. Production is up more than 5.5points to 46 though employment continues to lag, little changed at a very depressed 34.3.
A 2nd straight big decline in customer inventories, at 46.0 vs. 49.5 to indicate strongly that manufacturers no longer think that inventories at other firms are too high.
ISM Services May
44 vs 43.7 however, month to month contraction is deepening witnessed by new orders falling, not rising, to 44.4, down from 47 in April…
Also, a decline in backlog orders, down 4 points to 40.
Stagflation is raging again with the price index up nearly 7 points to 46.9, more a reflection of rising oil and commodity prices than rising demand.
Factory Orders April
+0.7%; durable +1.7%; non durable -0.1%. Factory destocking continues with inventories -1%; shipments -0.2%; unfilled orders -1.2%.
Construction Spending April
+0.8%, Yoy -10.7%; headline reads improvement, however, no relief in sight as SFR -6.7%; multi family -8.9%; Yoy SFR -53%
Productivity & Costs Q1:09
+1.6% vs +0.8%; costs +3.3% vs +3%; both reflecting trimmed costs & further layoffs.
ADP Employment May
-532K with April worsening from -491K to -545K. Non farm service sector -265K; goods producing -267K; construction -108K; manufacturing -149K, a 39th consecutive decline.
Business large -100K; medium -223K; small -209K. The emasculate economy has nothing to fall back on...
since Jan 08 peak small business has shed 2.125M jobs; since the Jan 07 peak construction has shed 1.345M jobs.
Initial Jobless Claims 05/30
-4K at 621K; 4 week MA +4K at -631.25K. Continuing claims first decline in four months -15K at 6.735M; however, 4 week MA +88.75K at 6.687M
Non Farm Payrolls May
-345K vs -539K, finally a deceleration. However, Feb & Mar losses revised up a net 82K and the unemployment rate up to 9.4% vs 8.9%.
Losses were widespread in both goods-producing -225K and services-providing industries -120K...
a 156K drop in manufacturing employment with motor vehicles & parts down 30K. Construction declined 59K.
The latest decline was led by a 51K decline in professional business services, a 30K fall in financial activities, and a 22K decrease in wholesale trade.
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