IN HOC ANNO DOMINI When Saul of Tarsus set out on his journey to Damascus the whole of the known world lay in bondage. There was one state, and it was Rome. There was one master for it all, and he was Tiberius Caesar. Everywhere there was civil order, for the arm of the Roman [...]
Housing Starts Dropped Again Housing starts dropped again, declining 4.2%, to a 1.425 million-unit pace in October, the second straight monthly drop. Total housing starts are down 8.8% year-over-year basis. Building permits dropped 2.4% during the month. Overall, the housing correction continues with little indication that a bottom is in sight. Wells Fargo US Raw [...]
Lower Than Expected Prices Lower-than-expected prices are certainly welcome news after a string of elevated monthly increases. The Consumer Price Index (CPI) rose “only” 0.4% in October while excluding food and energy. That said, consumer price inflation is well above the Fed’s target rate of 2%, which likely will keep the FOMC biased towards over-tightening, [...]
Marginal Improvements in October Marginal improvements in October, after the across-the-board September plunge in most indicators. The Chicago Business Barometer dipped a further half-point to 45.2 in October. Growth in Texas Factory Activity Continued in October The Federal Reserve Bank of Dallas released its Texas Manufacturing Outlook Survey and reports growth in Texas factory activity [...]
Increased Exports, Consumer Spending Reflected in Q3 Increase Increased exports, consumer spending reflected in Q3 increase were partly offset by a decrease in housing investment. In its advance estimate (of 3) of Q3 GDP the Bureau of Economic Analysis reports GDP increased at an annual rate of 2.6 percent, in contrast to a 0.6% decrease [...]
Industrial Production Rose in September Industrial production rose in September, regaining its footing by rising 0.4% after having fallen three of the prior four months. Activity Declined Modestly in New York State The Federal Reserve Bank of New York released its Empire State Manufacturing Survey results and reports business activity declined modestly in New York [...]
Technology Equipment Highest Total Since Q1 Technology equipment highest total since Q1, with machine tool manufacturers booking $460.7 million worth of manufacturing technology equipment in the latest report. But long lead times and a potential economic slowdown threaten sustained order activity in the months ahead. US Raw Steel Production Down from Previous Week In the [...]
Machine Tool Manufacturers Book High Totals Machine tool manufacturers booked high totals - $460.7 million worth of manufacturing technology equipment - in the latest report. It is the highest total since Q1-but long lead times and a potential economic slowdown threaten sustained order activity in the months ahead. US Raw Steel Production Down from Previous [...]
Manufacturing Sector Grew in September The manufacturing sector grew in September according to the Institute for Supply Management (ISM) September 2022 Manufacturing ISM Report on Business. The overall economy achieved a 28th consecutive month of growth. The report was issued by Timothy R. Fiore, CPSM,CPM, Chair of the Institute for Supply Management (ISM) Manufacturing Business [...]
Durable Goods Orders Declined for the Second Consecutive Month Durable goods orders declined for the second consecutive month in August, but in stripping away volatile factors, the underlying details of the report point to some stabilization in core orders. While the August durable goods report suggests new demand is not yet falling off a cliff, [...]
