08222017Tue
Last updateMon, 21 Aug 2017 7pm

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Philly Manufacturing Continued to Expand in June

The Philadelphia Federal Reserve’s index for current manufacturing activity in the region decreased from a reading of 38.8 in May to 27.6 this month. The index has been positive for 11 consecutive months. In June 42% of the firms indicated increases in activity, down from 51% last month. The shipments index decreased 11 points, while the new orders index was little changed. Both the delivery times and unfilled orders indexes were positive for the eighth consecutive month, suggesting longer delivery times and increases in unfilled orders. 


New York Manufacturing at Highest Level in Nearly Three Years

Manufacturing firms in New York State reported that business activity grew at a solid clip in June. After dropping to a level just below zero last month, the general business conditions index more than made up for lost ground, rising twenty-one points to 19.8, its highest level since September 2014. The pace of input price increases was unchanged, while selling price increases picked up somewhat.

New York Fed indexes assessing the six-month outlook suggested that firms continued to expect conditions to improve. 

U.S. Manufacturing Output Declined in May

Industrial production was unchanged in May following a large increase in April and smaller increases in February and March. Manufacturing output declined 0.4% in May; the index is little changed, on net, since February. The indexes for mining and utilities posted gains of 1.6% and 0.4%, respectively, in May. At 105.0% of its 2012 average, total industrial production in May was 2.2% above its year-earlier level. Capacity utilization for the industrial sector edged down 0.1% in May to 76.6%, a rate that is 3.3% below its long-run (1972–2016) average. 

U.S. Manufacturing Had “Dramatic Growth” Over Past Generation

According to a new report by the Ball State Center for Business and Economic Research (CBER) at Ball State University, along with Conexus Indiana, the total value of manufactured goods produced in the United States peaked (in inflation-adjusted dollars) in 2014, and again in 2015. This fact stands in stark contrast to the frequently stated belief that U.S. manufacturing is in decline. U.S. manufacturing production grew 11% since the dot.com bust (2000-03) and the ensuing economic turbulence of the 2001 and 2007-09 recessions.

Factory Orders Drop for First Time in Five Months

New orders for manufactured durable goods in April, down following four consecutive monthly increases, decreased $1.8 billion or 0.8% to $231.0 billion, down from the previously published 0.7% decrease. This followed a 2.4% March increase. Transportation equipment, down following two consecutive monthly increases, led the decrease, $1.1 billion or 1.4% to $78.4 billion. Overall, factory orders were up 4.4% from a year ago.

“Manufacturing, which accounts for about 12% of the U.S. economy, is being supported by a recovery in the energy sector that has led to demand for oil and gas drilling equipment,” Reuters reports

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