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Dallas Fed August Manufacturing Activity Comes At -13.5%, Below Expectations, Confirms July's Plunge To -21.0%
Nothing good to report out of the Dallas Fed, today's last key economic data point, which came in at -13.5%, missing expectations of -10.0%, although a modest rebound from the prior disastrous plunge to -21.0% in July. Special question comments included in the current survey demonstrated
ongoing deterioration, especially in current perceptions of business
conditions, with an emphasis on the hit to businesses due to the recent deepwater drilling moratorium.
Plastics and Rubber Products Manufacturing
Our business is still weak, and our customers are very slow with new projects.Nonmetallic Mineral Product Manufacturing
The oil spill and policy actions have had a
negative impact on our customer base located in Louisiana, with a
decline in jobs and earnings in the region.We are involved in some oil and gas
operations, and we have seen an increase in activity in anticipation of
tighter permitting and other rules.Fabricated Metal Product Manufacturing
The net effects of the deepwater drilling
moratorium remain to be seen. It could potentially have a much larger
impact within the next 12 to 24 months if it continues.
From the release:
Texas factory activity was unchanged in August,
according to business executives responding to the Texas Manufacturing
Outlook Survey. The production
index, a key measure of state manufacturing conditions, came in at
zero, posting a third consecutive month of little to no growth.
Most other indexes for current activity remained negative in August. The new orders index stayed at –9, implying incoming orders continue to fall. The capacity utilization and shipments indexes pushed deeper into negative territory, suggesting further contraction of business.
The general business activity
index was negative for the third month in a row, but advanced in
August as the share of respondents reporting improved activity rose from
10 to 15 percent. The company outlook
index climbed back into positive territory after being negative for
two months, as 23 percent of manufacturers said their outlook improved
in August, compared with 13 percent in July.
The employment
index turned negative for the first time in six months, largely due to
the share of firms reporting layoffs rising from 15 percent in July to
23 percent in August, and hours worked contracted again. Wage and benefits costs rose modestly.
The raw materials price
index doubled from 12 in July to 24 in August, reflecting a surge in
input costs. Twenty-eight percent of manufacturers reported an increase
in raw materials prices, while only 4 percent noted a decrease. Finished goods prices
fell again in August, although three-fourths of firms reported no
change in selling prices. The future indexes for both raw materials
prices and finished goods prices were positive and rose.
Most future indexes of manufacturing conditions fell in August, but remained in solid positive territory. The future company outlook
index fell from 16 to 9, with 31 percent of respondents expecting an
improved outlook six months from now. However, the future general business activity index, a broader measure of economic conditions, dipped into negative territory for the first time in more than a year.
The Dallas Fed conducts the Texas Manufacturing
Outlook Survey monthly to obtain a timely assessment of the state’s
factory activity. Data were collected August 17–25, and 99 Texas
manufacturers responded to the survey. Firms are asked whether output,
employment, orders, prices and other indicators increased, decreased or
remained unchanged over the previous month.
Survey responses are
used to calculate an index for each indicator. Each index is calculated
by subtracting the percentage of respondents reporting a decrease from
the percentage reporting an increase. When the share of firms reporting
an increase exceeds the share of firms reporting a decrease, the index
will be greater than zero, suggesting the indicator has increased over
the prior month. If the share of firms reporting a decrease exceeds
the share reporting an increase, the index will be below zero,
suggesting the indicator has decreased over the prior month. An index
will be zero when the number of firms reporting an increase is equal to
the number of firms reporting a decrease.
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I have not heard Green Shoots lately.
the autumn will start soon, what did you expect?
or V shaped recovery. i think it's about time for a video of that whack a mole guy smacking stuff in his garage.
"New normal" or, as Leo puts it "economic hypochondria". They both suck.
S&P rises on the news.
1060 is now the line-of-death for the PPT.
This is absurd.
The line is 1056, as the PPT knows exactly how much and where MFM redemption's are going to come from.
Must've had the day off today after that busy ol' week last week.
I'm wth ya but they want to put them up and they likely will. Futures overnight traded SPY 107.8 equivalent and I won't be surprised to see it from 106.5 current.
When are they going to ram it higher? My guess is right around 1:30. But, it could be sooner.
I expect a full 10 handle jam in about 15 minutes timespan. You know, 'cause.
...aaaaaaand AAPL rallies on the news. Because if you are a laid off oil worker you buy an iPad and surf the web.
AAPL is range-bound. When a $240 stock goes up a few points, is it really worth a comment?
I bet if JR would run things in Dallas, all would be better.
When they cancelled the show, I just knew it would turn out bad. AND THIS IS THE PROOF!!!
BRING BACK DALLAS YOU BASTARDS!!
http://www.youtube.com/watch?v=PsBYBugvDek
http://blogs.dallasobserver.com/sportatorium/Hats%20-%20JR.jpg
Worth a shot.
It's obvious thet they haven't applied enough "political fertilizer" to the problem...
mark your trading calendars.
The SPX 200 day SMA peaked on 8-23 at 1,116.23 and has inflected downward.
The SPX 200 day EMA peaked on 8-10 at 1,096.66 and has inflected downward.
I don't think there is much 'they' can do about it. Other than gun up 10% + from here, and hold it. Place your bets. Or stay away in disgust. It's a 'free market'!
HELICOPTER BEN'S KEYBOARD
http://williambanzai7.blogspot.com/2010/08/dr-bens-custom-keyboard.html
+10 plus a couple more... Good one.
Money supply: LOL :)
Epic!
watchin and waitin.....
Why oh why do I come to this site when CNBC is all over this release...NOT!
Big headline on CNBC.com is more testicle dragging for another housing bailout.
I see the REITs are up again...LMFAO...My god.
IYR up baby! SPG keeps on keepin' on!
What a fucking joke.
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