by Bill McBride on 7/27/2010 11:13:00 AM
Tuesday, July 27, 2010
Note: Usually I don't post all the regional manufacturing surveys, however with the inventory adjustment over, export growth appearing to slow, and domestic consumer demand sluggish, these surveys might provide a hint of weakness in the manufacturing sector.
From the Richmond Fed: Manufacturing Activity Moderates in July; Expectations Slip
In July, the seasonally adjusted composite index of manufacturing activity — our broadest measure of manufacturing — declined seven points to 16 from June's reading of 23. Among the index's components, shipments lost nine points to 22, new orders dropped 12 points to finish at 13, while the jobs index moved up six points to 15.This is similar to the Dallas Fed report yesterday: Texas Manufacturing Activity Remains Sluggish. It appears growth in the manufacturing sector is slowing.
Other indicators also suggested somewhat slower activity. The backlog of orders measure moved down two points to 1, and the index for capacity utilization fell eight points to 13.