The BLS unemployment report shows total nonfarm payroll jobs gained were 146,000 for November 2012. But there is hidden bad news in this report. October payroll gains were revised down, from 171,000 to 138,000. September payrolls were also revised down from 148,000 to 132,000. The below graph shows the monthly change in nonfarm payrolls employment.
The Manufacturers' Shipments, Inventories, and Orders report shows factory new orders increased 0.8% for October. September showed a 4.5% increase whereas August had a -5.1% decline. This Census statistical release is called Factory Orders by the press and covers both durable and non-durable manufacturing orders, shipments and inventories.
The November 2012 ISM Manufacturing Survey PMI decreased, -2.2 percentage points, to 49.5% and and is now in contraction. This is the 4th time in six months manufacturing PMI has contracted. PMI hasn't been this low since July 2009's 49.2% PMI and the employment index contracted to September 2009 levels.
Hurricane Sandy wiped out almost a full percentage point of industrial production even though the storm hit New Jersey on October 29th. Twenty percent of industrial production activity is in counties affected by the storm and 3-4% of industrial production related employment is in the same areas. It matters where a Hurricane hits in terms of the economy.
The BLS unemployment report shows total nonfarm payroll jobs gained were 171,000 for October 2012. September payrolls were revised from 114,000 to 148,000 and August was also revised upward, from 142,000 to 192,000. The below graph shows the monthly change in nonfarm payrolls employment.
The October 2012 ISM Manufacturing Survey PMI increased, 0.2 percentage points, to 51.7% and and is the second month for expansion. Officially manufacturing expanded at a faster rate, yet the low percentage change implies manufacturing is really holding on.
The Federal Reserve's Industrial Production & Capacity Utilization report, G.17, shows a increase of 0.4% in industrial production for September 2012. This report is also known as output for factories and mines. Manufacturing increased 0.2%, mining 0.9% and utilities increased 1.5%. Oil and gas Gulf of Mexico rigs resuming are mentioned in the 0.9% output of mines increase.
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.
The September 2012 ISM Manufacturing Survey PMI increased, 1.9 percentage points, to 51.5% and moved into expansion. This is welcome news for the ISM manufacturing survey showed contraction for the previous three months. One of the survey respondents called the previous manufacturing slowdown a summer thing, let's hope they are right.
The Federal Reserve's Industrial Production & Capacity Utilization report, G.17, shows a decrease of -1.2% in industrial production for August 2012 and Hurricane Isaac is blamed for 0.3% of that decrease. This report is also known as output for factories and mines. Manufacturing declined -0.7%, mining -1.8% and utilities a whopping -3.6%.
Recent comments