The July 2013 ISM Non-manufacturing report shows the overall index increased, 3.8 percentage points, to 56.0%. The NMI is also referred to as the services index and the increase indicates faster growth for the service sector. The business activity index soared by 8.7 percentage points to 60.4%, a high not seen since December 2012.
Q4 2012 real GDP grew by just 0.1% after the second revision. While technically not in contraction, 4th quarter gross domestic product results imply the economy was officially D.O.A. Trade imports plunged, which helped economic growth. Government spending cliff dove and sucked out -1.38 percentage points from 4th quarter real gross domestic product growth as federal defense spending declined 22.0% from Q3. Private inventory changes hacked off -1.55 percentage points from Q4 real GDP as businesses shed their inventories. Even without inventories in the economic growth mix, the economy is still suffering from weak demand.
The January 2013 ISM Non-manufacturing report shows the overall index decreased, -0.5 percentage points, to 55.2%. The NMI is also referred to as the services index and the decline indicates slower growth for the service sector. The index also shows more inventory contraction. For those believing the Q4 GDP inventory shed was just temporary should read on.
The Manufacturers' Shipments, Inventories, and Orders report shows factory new orders increased 1.8% for December. Without transportation equipment, new orders increased 0.2%. November showed a -0.3% decline whereas October had a 0.8% increase.
The January 2012 ISM Manufacturing Survey shows PMI increased by 2.9 percentage points to 53.1% and is in expansion for the 2nd month in a row. This is the 4th time in eight months manufacturing PMI has been in expansion. Overall the report is actually modest expansion, although all five indexes which make up PMI were on the positive side.
Q4 2012 real GDP contracted by -0.1%. Inventory investment nose dived, but was not the lone culprit for economic contraction. Exports plunged and took -0.81 real GDP percentage points along with it. Government spending cliff dove and hacked off -1.33 percentage points from 4th quarter gross domestic product as Federal Defense spending declined 22.2% from Q3.
Q3 2012 real GDP shows 3.1% annualized growth, revised from 2.7% in the second estimate. Consumer spending increased more than previously estimated, exports were greater and imports were much less. Q2 GDP was 1.25% in actuality, 1.3% is a rounded figure.
Q3 2012 real GDP shows 2.7% annualized growth, revised from 2.0% in the advance report. There was a significant upward revision to inventories, yet consumer spending was revised down. Exports were revised up as trade statistics became more complete. Q2 GDP was 1.25%.
The Manufacturers' Shipments, Inventories, and Orders report shows factory new orders plunged -5.2% for August 2012. This Census statistical release is called Factory Orders by the press and covers both durable and non-durable manufacturing orders, shipments and inventories. This is the largest monthly drop since January 2009, although July showed a 2.6% increase.
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