Little Change In US Manufacturing
A picture is emerging from the US industrial sector today with the publication of two key market metrics. A preliminary reading of Markit Economic Purchasing Managers Index for the Manufacturing Sector is showing an expansionary reading of 57.9, this is no real improvement on the August final reading of 57.9 and slightly misses the market’s forecast for a 58.0 print today.
The Federal Reserve Bank of Richmond has also taken the opportunity to publish it’s respected Manufacturing Index, this is currently reading at a level of 14 compared to the August level of 12.0, a reading of 10.0 was anticipated. The Richmond Fed has additionally published a Manufacturing Shipments report, this is showing an improvement from 10 to 11. Finally, the Richmond Services Index is showing at a level of 21 the same as the reading of 21 in August.
Elsewhere, the strength of the US housing market has been updated this morning with the publication of the latest House Price Indices. The base index now stands at a level of 212.7 in comparison to 212.5 the prior month. Translating this into growth rates and the month on month pick up is now reading as 0.1%, this compares to an expansion of 0.4% in house prices the previous month, no change was anticipated to this rate. The year on year level is now looking like 4.4% expansion in comparison to the 5.1% reading taken the previous month.
On to the consumer sector and last week’s Redbook numbers have been released. The year on year growth rate for the week ended 19th September is showing at 3.7%, this is in comparison the prior week’s reading of 3.6%. Month on month the Redbook number has changed -0.6%, by comparison the prior reading recorded a contraction of -0.4% in this proxy for the Retail Sales index.
Sorry. No data so far.