Written by rjs, MarketWatch 666May s employment report; April’s construction spending, factory inventories, et al The most significant economic report released this past week was the Employment Situation Summary for May from the Bureau of Labor Statistics; other major monthly government agency issued reports released during the week included the April report on Construction Spending (pdf) and the Full Report on Manufacturers Shipments, Inventories and Orders for April, both from the Census Bureau.
Houston Texas service sector activity grew at the fastest rate this April since late 2014, and the state s manufacturing activity continued to grow, judging from a Federal Reserve Bank of Dallas survey released April 26-27, which would tend to strengthen power demand and prices.
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The Dallas Fed s Texas Service Sector Survey, released April 27, shows that the revenue index rose from March s 21.6 to 26.1 this April, which can be contrasted with the pandemic-induced contraction to negative 64.8 in April 2020.
The survey s various indexes reflect the result when subtracting the percentage of respondents reporting a decrease from the percentage reporting an increase. For example, the most recent survey had 39.1% of service sector survey respondents reporting an increase in revenue and 13% reporting a decrease, yielding an index of 26.1.
Market Watch 666 For 28February 2021
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This week also had the release of the Chicago Fed National Activity Index (CFNAI) for January, a weighted composite index of 85 different economic metrics, which rose to +0.66 in January from +0.41 in December, which was revised from the +0.52 reported for December last month. after revisions, the 3 month average of the CFNAI slipped to +0.47 in January from a revised +0.60 in December, which still indicates that national economic activity has been somewhat above the historical trend over recent months.in addition, the week also saw the Case-Shiller Home Price Index for December from S&P Case-Shiller, which reported that home prices nationally during October, November and December averaged 12.4% higher than prices for the same homes that sold during the same
Dallas Fed outlook surveys indicate manufacturing, service sectors improving
Texas manufacturing and service sector activity increased in February, but the Federal Reserve Bank of Dallas surveys were conducted only partly after a polar vortex prompted rolling blackouts for millions of homes and businesses, resulting in extremely high wholesale power prices along with manufacturing and service business shutdowns.
The Dallas Fed’s Texas Manufacturing Outlook Survey’s production index, a key measure of economic activity, rose to 19.9 in February from January’s seasonally adjusted 4.6 and a seasonally adjusted 16.8 in February 2020. The index shows the percentage-point difference between respondents indicating increased activity and those who indicate decreased activity.
Does November s Modest Slowdown in U.S. Manufacturing Signal a Cold-season Decline?
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The United States’ manufacturing sector once crippled by factory shutdowns this past spring before rallying with historic growth that accelerated through the early fall appears to be headed for an expected slowdown as the resurgent COVID-19 pandemic forces more consumers into tepid spending activity.
The Institute for Supply Management’s (ISM) monthly manufacturing Purchasing Managers Index (PMI) regarded as a reliable barometer of the U.S. manufacturing economy showed another solid mark for November, albeit a weaker one than October’s, which had the highest reading since September 2018.