by Bill McBride on 6/25/2012 02:52:00 PM
Monday, June 25, 2012
Here is a bit of an outlier this month ... earlier from the Dallas Fed: Texas Manufacturing Activity Surges but Outlook Largely Unchanged
Texas factory activity surged in June, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose from 5.5 to 15.5, posting its strongest reading in 15 months.This was above expectations of a zero reading for the general business activity index.
Other measures of current manufacturing conditions also indicated strengthening activity in June. The new orders index rose to 7.9, following three readings around zero, suggesting demand finally grew after staying flat since February. ... The general business activity index had been negative in April and May but increased to 5.8 this month.
Labor market indicators reflected stronger labor demand growth and steady workweeks. Employment grew at a faster pace in June, with the index rising from 8.5 to 13.7. Twenty-one percent of firms reported hiring new workers, while 8 percent reported layoffs. The hours worked index was 1, suggesting little change in workweek length.
There are two more regional surveys to be released this week, and the ISM index for June will be released Monday, July 2nd.
Earlier on New Home Sales:
• New Home Sales increase in May to 369,000 Annual Rate
• Home Sales Reports: What Matters
• New Home Sales graphs
Posted by Bill McBride on 6/25/2012 02:52:00 PM