The latest information on manufacturing and the economy from the National Association of Manufactures and the Council of Industry
Members:
Here is the Monday Manufacturing Economy Report from NAM Chief Economist Chad Moutray for 8/21/2017. The Council of Industry, as member organization of the National Association of Manufacturers is happy to share this report with our members.
Here are some highlights from the report:
"According to the Federal Reserve, total industrial production rose 0.2 percent from June to July. Compared to the previous year, the index rose 2.2 percent. Manufacturing production (about three-fourths of the total index) fell 0.1 percent from June and rose 1.2 percent from the previous year. Taking a deeper dive into the decline from June, while durable manufacturing fell 0.5 percent, nondurable manufacturing actually climbed 0.4 percent. Within durables, softness in motor vehicles and parts drove the decline. As shown in the graph above, total manufacturing excluding motor vehicles and parts rose 0.2 percent on the month, while durable manufacturing excluding motor vehicles and parts was about flat. Compared to July 2016, total manufacturing rose 1.2 percent; excluding motor vehicles and parts, the increase was 1.7 percent.
Turning to a regional view, the Empire State Manufacturing Survey general business conditions index, which records business conditions for manufacturers in New York State, recovered from a dip in July from June to record an eye-popping 15-point gain in August from July, to the highest level since September 2014. New orders, shipments and employment were all up for the month. Furthermore, fully 53 percent of respondents expect higher sales over the month ahead. As for manufacturers in the eastern Pennsylvania, southern New Jersey, and Delaware areas, the Philadelphia Federal Reserve Manufacturing Business Outlook Survey reported that the current activity index dipped a touch, but remains in positive territory—it continues to reflect growth." Read Chad Moutray's Full Report Here.
