by Bill McBride on 10/28/2010 11:00:00 AM
Thursday, October 28, 2010
The Kansas City Fed released their October manufacturing survey this morning:
Tenth District manufacturing activity continued to expand moderately in October, and producers were increasingly optimistic about future activity.This was the last of the regional Fed surveys for October.
The net percentage of firms reporting month-over-month increases in production in October was 10, down from 14 in September ... the new orders index jumped from 9 to 16, its highest level since early 2007, and the employment index also edged higher [to -1].
The following graph compares the regional Fed surveys with the ISM manufacturing survey, including the Kansas City survey released this morning:
Click on graph for larger image in new window.
For this graph I averaged the New York and Philly Fed surveys (dashed green, through October), and averaged five Fed surveys (blue) including New York, Philly, Richmond, Dallas and Kansas City.
The Institute for Supply Management (ISM) PMI (red) is through September (right axis).
Although the internals were mixed in the regional Fed surveys, this graph suggests the ISM index will still show expansion in October. The ISM Manufacturing index will be released on Monday November 1st.
Posted by Bill McBride on 10/28/2010 11:00:00 AM