Chicago Business Barometer Signaled Expansion 33 Consecutive Months
The MNI Chicago Business Barometer surged to an eleven month high in November, up 8 points from October. The months result, sitting above the neutral 50-mark, means the Barometer signaled expansion 33 consecutive months.
Driving the November increase were soaring orders and higher output. After easing in each of the last two months, November saw New Orders jump to the highest level since May 2014.
That is a pretty good week of industrial economic news.
CFNAI Points to Growth
The Chicago Fed National Activity Index (CFNAI) rose 0.1% in October and the index’s 3 month moving average (CFNAI-MA3) ticked up to +0.31 from +0.30 in September pointing to continuing growth.
LEI Increased in October
The Conference Board Leading Economic Index (LEI) increased 0.1% in October following a 0.6% September increase.
Consumer Confidence Dipped in November
Consumer Confidence, after reaching an 18 year high in October, fell 2.2 points in November.
US Raw Steel Production Retreated Last Week
US raw steel production retreated 0.9% last week as mills operated at an ACUR of 81.3%. In the corresponding week last year mills operated at an ACUR of 73.3%. Thus far this year mills have produced prox 86,000,000 tons compared to the prox 81,000,000 tons produced in the like period last year.
Real GDP Increased in the Third Quarter
Real gross domestic product (GDP) increased 3.5 percent in the third quarter according to the “second” estimate released by the Bureau of Economic Analysis (BEA). The growth rate was unrevised from the “advance” estimate released in October. In the second quarter, real GDP increased 4.2%. Next release of the 3rd and final estimate will be December 21, 2018.
Fifth District Manufacturing Activity Index Reports Moderate Growth
The Federal Reserve Bank of Richmond released its Fifth District Manufacturing Activity Index and reports manufacturing activity grew moderately in November.
Have a great weekend and…
God bless America