The composite non-manufacturing ISM index rose to 48.4 from 46.4 in July, compared to a consensus forecast of 48.1. The last time the index was at or above the break-even point of 50 was September 2008. But, recent trends imply that the index could move above that point in the coming months. The employment index […]
Archive:
September 2009
Initial claims this week fell by 4K this week declining to 570, this was above the Bloomberg consensus forecast of 562K. But, the 4wk moving average reached its highest level in 7wks at 571.25K. Last week’s number was revised to 570K from 574K. Continuing claims rose 92K reaching 6.23mn. Initial claims should marginally improve over […]
As seaborne shipping acts as the bridge for global trade, the US’s railroad and trucking systems are the backbone of domestic bulk transport. It goes without saying that at some point the majority of goods imported to or exported from the US likely find themselves traveling on a rail car or truck before reaching their […]
Productivity was revised up slightly for 2Q09 to +6.6% from +6.4%, while unit labor costs were revised down to -5.9% from -5.8%. Additionally, the ADP employment survey indicated a loss of -298K jobs, compared to -360K last month. This was worse than analyst’s estimates. Nevertheless, the details behind the ADP report, like the rest of […]
The ISM rose for the 8th consecutive month finishing August at 52.9, this was the index’s first reading above the break even point of 50 since January 2008. Improvements in manufacturing will likely have positive implications for 3Q09 Real GDP growth. The new orders index increased to 64.9 from 55.3 a month prior. This index […]