The BEA has released revisions for Gross Domestic Product by Industry for years 1997 all the way to 2012. Unfortunately but not surprising, manufacturing was revised downward in their real value added to economic growth. Overall GDP grew 2.8% in 2012 and that year's better news is private goods GDP increased more in growth in comparison to private sector services.
The Federal Reserve Industrial Production & Capacity Utilization report shows a 0.3% increase in industrial production. Manufacturing alone grew, a 0.4% gain for the month, while utilities slid down by -1.4%. Mining was up 0.8%. Industrial production finally surpassed pre-recession levels this month. The G.17 industrial production statistical release is also known as output for factories and mines.
The BLS employment report shows total nonfarm payroll jobs gained were a paltry 74,000 for December 2013, with private payrolls adding 87,000 jobs. Government jobs decreased by -13,000. Worse, 40,400 of jobs gained were temporary ones. That's over half, 54.6%, of December's jobs were temporary.
The December ISM Manufacturing Survey shows PMI decreased -0.3 percentage points to 57.0%. This is still strong growth, the 2nd highest in 2013, although manufacturing inventories contracted. Overall manufacturing looks stable with 13 of the 18 industries reporting growth. The employment index is at a high not seen since June 2011.
The BLS Productivity & Costs report for Q3 2013 shows labor productivity increased a whopping annualized 3.0%. This is the largest increase in productivity since Q4 2009. Output increased 4.7% and hours worked increased 1.7%. Unit Labor costs dropped by -1.4% in Q3 2013. The reason labor productivity surged was increased economic output while worker hours did not increase as much.
The November ISM Manufacturing Survey shows PMI increased 0.9 percentage points to 57.3%. This is another year high. Overall manufacturing looks strong with 15 of the 18 industries reporting growth. The employment index is at a high not seen since December 2012. New orders and production both increased.
The October ISM Manufacturing Survey shows PMI increased 0.2 percentage points to 56.4% to another year high. Seems the survey results held in spite of the economic sabotage government shutdown although production figures declined by -1.8 percentage points. Increases in Inventories and slowing Supplier Deliveries is the reason PMI increased.
The September 2013 Federal Reserve Industrial Production & Capacity Utilization report shows a 0.6% increase in industrial production. Manufacturing alone barely grew, a 0.1% gain for the month, while utilities roared up by 4.4% after falling for five months in a row. Mining increased 0.2%. Industrial production finally reached pre-recession levels this month.
The BLS unemployment report shows total nonfarm payroll jobs gained were 148,000 for September 2013, with private payrolls adding 126,000 jobs. Government jobs increased by 22,000. Additionally 20,000 of September's jobs were temporary ones. Overall job growth was barely enough to keep up with the growing population.
The September ISM Manufacturing Survey shows PMI increased 0.5 percentage points to 56.2%. Seems the survey results are holding and PMI is now at the highest level for the year, although of course the latest Congressional economic sabotage through shutdown and debt ceiling hostage taking hasn't hit the manufacturing sector yet.
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