Industiral Production Up 1.0% on Utilities

The Federal Reserve Industrial Production & Capacity Utilization report shows a 1.0% increase in industrial production for September.  Manufacturing alone grew by 0.5%, cancelling out last month's -0.5% decline.  Utilities exploded with a 3.9% monthly increase.  Mining grew by 1.8%, also a sizable amount for a month.

Industrial Production Makes Up Ground From January's Bad WeatherRoars Back in February

The Federal Reserve Industrial Production & Capacity Utilization report shows a 0.6% increase in industrial production.  Manufacturing alone grew by 0.8% for the month after plunging -0.9% in January due to horrific weather.  This is the largest factory output gain since last August,  Utilities were slightly down by -0.2% after January's polar vortex winter increase of 3.8%.  Mining increased 0.3%.

ISM Manufacturing PMI Bounce Back While Production Pummeled for February 2014

The February ISM Manufacturing Survey somewhat recovered from last month's plunge.  PMI rose by 1.9 percentage points to 53.2%.  This range is really mediocre growth for manufacturing.  New orders did rebound with a 3.3 percentage point increase.  Yet production just completely imploded, the second month in a row.  Many blame the unusually bad weather and freezing cold.

Another Month, Another Piss Poor Jobs Report

The BLS employment report shows total nonfarm payroll jobs gained were another dismal 113,000 for January 2014, with private payrolls adding 142,000 jobs.  Government jobs decreased by -29,000.  The silver lining of the jobs report is while the government continues to cut, cut, cut, there wasn't a lot of growth in crappy jobs and gains achieved were in typically higher paying ones.  The U.S. post office alone shed 9,000 jobs.

ISM Manufacturing PMI Pummeled for January 2014

The January ISM Manufacturing Survey PMI was pummeled with an astounding -5.2 percentage point drop in a month.  PMI is barely breathing any growth now, down to 51.3%.  New orders simply imploded with a -13.2 percentage point decline.  This is the largest monthly decline in the history of the ISM manufacturing survey for new orders by our calculations.  Many are blaming the unusually bad weather and freezing cold.

GDP By Industry for 2012

The BEA has released revisions for Gross Domestic Product by Industry for years 1997 all the way to 2012.  Unfortunately but not surprising, manufacturing was revised downward in their real value added to economic growth.  Overall GDP grew 2.8% in 2012 and that year's better news is private goods GDP increased more in growth in comparison to private sector services.


Industrial Production up 6.8% in Q4, yet Capacity Stunted Still

The Federal Reserve Industrial Production & Capacity Utilization report shows a 0.3% increase in industrial production.  Manufacturing alone grew, a 0.4% gain for the month, while utilities slid down by -1.4%.  Mining was up 0.8%.  Industrial production finally surpassed pre-recession levels this month.  The G.17 industrial production statistical release is also known as output for factories and mines.

December's Dismal Payrolls Mark Recession Six Year Anniversary

The BLS employment report shows total nonfarm payroll jobs gained were a paltry 74,000 for December 2013, with private payrolls adding 87,000 jobs.  Government jobs decreased by -13,000.  Worse, 40,400 of jobs gained were temporary ones.  That's over half, 54.6%, of December's jobs were temporary.

ISM Manufacturing PMI 57% But Inventories Contract for December 2013

The December ISM Manufacturing Survey shows PMI decreased -0.3 percentage points to 57.0%.  This is still strong growth, the 2nd highest in 2013, although manufacturing inventories contracted.  Overall manufacturing looks stable with 13 of the 18 industries reporting growth.  The employment index is at a high not seen since June 2011.


Labor Productivity Soars While Real Wages Languish in Q3 2013

The BLS Productivity & Costs report for Q3 2013 shows labor productivity increased a whopping annualized 3.0%.   This is the largest increase in productivity since Q4 2009.  Output increased 4.7% and hours worked increased 1.7%.  Unit Labor costs dropped by -1.4% in Q3 2013.  The reason labor productivity surged was increased economic output while worker hours did not increase as much.