Global Macro Perspectives
Philadelphia FED General Business Conditions Index rose to 43.4. Consensus was at 32.0, prior reading was at 35.9.
This is a positive outlier, it is highly unlikely that index can remain at these levels. Manufacturing surveys overestimate implied industrial growth in recent months.
U.S. industrial production fell 0.1% in February. The consensus was at 0.6%, January revised (up 0.4%) reading was at 0.3%. On year level industrial production is up 5.5%.
Empire State Manufacturing General Business Conditions Index for March came out at 17.5 vs. 16.1 consensus and prior reading of 15.4.
ISM Manufacturing Index was reported at 61.4 vs. prior reading of 60.8 and consensus of 61.0.
Highest reading in more than 25 years. Improved ISM Manufacturing Index suggest strong(er) industrial production growth in the U.S.
Chicago Purchasing Managers Index was reported at 71.2. Consensus was at 67.5, prior reading at 68.8.
Highest reading since 1988. Prepare for a blowout ISM Manufacturing.
Richmond FED Manufacturing Survey was reported today at 25.0. Prior reading was at 18.0, consensus was also at 18.0.
To repeat: Looks like industrial production will continue expanding.
U.S. industrial production fell 0.1% in January. The consensus was at 0.5%, December revised (down 0.4%) reading was at 0.8%. On year level industrial production is up 5.1%.
Empire State Manufacturing General Business Conditions Index for February came out at 15.4 vs. 15.0 consensus and prior reading of 11.9.
Looks like industrial production will continue expanding.
ISM Manufacturing Index was reported at 60.8 vs. prior reading of 58.5 (revised from 57.0) and consensus of 58.0.
Improved ISM Manufacturing Index suggest January industrial production growth rate in the U.S. could increase.
Chicago Purchasing Managers Index was reported at 68.8. Consensus was at 65.0, prior reading at 68.6.
To repeat: Industrial production will continue to slowly expand in January.
Richmond FED Manufacturing Survey was reported today at 18.0. Prior reading was at 25.0, consensus was at 22.0.
To repeat: Industrial production will continue to slowly expand in January.
Philadelphia FED General Business Conditions Index fell to 19.3. The consensus was at 20.8, prior revised (from 24.3) reading was at 20.8.
Industrial production will continue to slowly expand in January.
Empire State Manufacturing General Business Conditions Index for January came out at 11.92 vs. 12.5 consensus and revised prior reading of 9.89 (revised from 10.57).
Slight improvement, looks like industrial production will continue expanding.
U.S. industrial production rose 0.8% in December. The consensus was at 0.5%, November revised (down 0.1%) reading was at 0.3%. On year level industrial production is up 5.9%.
U.S. industrial production rose 0.4% in November. The consensus was at 0.3%, October revised (down -0.2%) reading was at -0.2%. On year level industrial production is up 5.4%.
