Economic Reports 07/06/09
Vehicle Sales Jun
Declining again, 9.7M vs 9.9M; incentives are heavy but consumers are not interested in making major purchases.
Construction Spending May
-0.9% vs +0.6% Yoy -11.6%; Bad news: Total Private -1%; Yoy -17.4%; Residential outlays -3.4%; Yoy -33%.
Construction is still is in recession as homebuilders wait for unsold supply to dwindle...
commercial builders are still hamstrung by reduced corporate profits, and public outlays have been curtailed by a decline in government revenues.
S&P Case Schiller Home Price Index April
Home prices declining again… Comp 20 -0.6% at 139.18 vs 139.99; Yoy -18.1%
Chicago PMI June
Slight improvement in the headline number 39.9 vs 34.9. New orders still very weak at 41.6; Contraction in backlogs slowed as did price contraction.
ISM Manufacturing June
Good news? Headline reading up 2 pts 44.8 vs 42.8. However, new orders declined 2 pts to 49.2.
Destocking continues with slight improvement in employment at 40.7. Inventories are drawing down while production is picking up in the manufacturing sector.
Factory Orders May
+1.2%; durable orders +1.8%; non durable +0.7% on higher oil prices. Outside of new orders the news isn’t good. Shipments -0.6%.
Deepening rates of destocking in June. Optimists say inventories will have to be restocked given the strength in new orders and wider outlook for economic recovery.
But pessimists can warn that businesses are drawing down stocks in case demand does not improve.
ADP Non Farm Private Payroll Employment June
Good news? May revised to -485K vs -532K; June -473K. Services -223K; Goods Producing -250K; Manufacturing -146K; the 40th consecutive decline.
Large -91K; medium -205K; small -177K; since Jan 08 peak small business has shed 2.3M jobs.
Construction -97K; the 29th consecutive decline; shedding 1.4M jobs since Jan 07 peak
Initial Jobless Claims 06/27
-16K at 614K; 4 week MA -2.75K at 615.25K; Continuing claims -53K at 6.702M; 4 week MA -13.75K at 6.751M. States with increases over 1K reveals the continued carnage.
Non Farm Payrolls June
Again accelerating -467K vs -322K vs 519K. Unemployment jumped to 9.5% with the number unemployed hitting an all time record at 14.7 million.
Goods producing -223K; Manufacturing -136K; Construction -79K; Services -244K; Professional Business Services -118K.
Declining again, 9.7M vs 9.9M; incentives are heavy but consumers are not interested in making major purchases.
Construction Spending May
-0.9% vs +0.6% Yoy -11.6%; Bad news: Total Private -1%; Yoy -17.4%; Residential outlays -3.4%; Yoy -33%.
Construction is still is in recession as homebuilders wait for unsold supply to dwindle...
commercial builders are still hamstrung by reduced corporate profits, and public outlays have been curtailed by a decline in government revenues.
S&P Case Schiller Home Price Index April
Home prices declining again… Comp 20 -0.6% at 139.18 vs 139.99; Yoy -18.1%
Chicago PMI June
Slight improvement in the headline number 39.9 vs 34.9. New orders still very weak at 41.6; Contraction in backlogs slowed as did price contraction.
ISM Manufacturing June
Good news? Headline reading up 2 pts 44.8 vs 42.8. However, new orders declined 2 pts to 49.2.
Destocking continues with slight improvement in employment at 40.7. Inventories are drawing down while production is picking up in the manufacturing sector.
Factory Orders May
+1.2%; durable orders +1.8%; non durable +0.7% on higher oil prices. Outside of new orders the news isn’t good. Shipments -0.6%.
Deepening rates of destocking in June. Optimists say inventories will have to be restocked given the strength in new orders and wider outlook for economic recovery.
But pessimists can warn that businesses are drawing down stocks in case demand does not improve.
ADP Non Farm Private Payroll Employment June
Good news? May revised to -485K vs -532K; June -473K. Services -223K; Goods Producing -250K; Manufacturing -146K; the 40th consecutive decline.
Large -91K; medium -205K; small -177K; since Jan 08 peak small business has shed 2.3M jobs.
Construction -97K; the 29th consecutive decline; shedding 1.4M jobs since Jan 07 peak
Initial Jobless Claims 06/27
-16K at 614K; 4 week MA -2.75K at 615.25K; Continuing claims -53K at 6.702M; 4 week MA -13.75K at 6.751M. States with increases over 1K reveals the continued carnage.
Non Farm Payrolls June
Again accelerating -467K vs -322K vs 519K. Unemployment jumped to 9.5% with the number unemployed hitting an all time record at 14.7 million.
Goods producing -223K; Manufacturing -136K; Construction -79K; Services -244K; Professional Business Services -118K.
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