Economy booming and prices deflating! its the Goldilocks perfect landing scenario now.
Manufacturing PMI at 49%; September 2023 Manufacturing ISM Report On Business
Economic activity in the manufacturing sector contracted in September for the 11th consecutive month following a 28-month period of growth, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®. The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee: "The Manufacturing PMI® registered 49 percent in September, 1.4 percentage points higher than the 47.6 percent recorded in August. The overall economy expanded weakly after nine months of contraction following a 30-month period of ... (full story)
Added at 10:15am
"Renewed Upward Pressure On Inflation" - US Manufacturing Surveys Signal Stagflation
Despite disappointing macro data (and tightening financial conditions), US manufacturing survey data was expected to rise in final September data released this morning and S&P Global's PMI Manufacturing jumped from 47.9 in August to 49.8 in September (and up from 48.9 in the flash September print). That is the highest print for US manufacturing since April but remains in contraction (below 5). That is the 5th straight month in contraction and 10th month in the last 11 in contraction (sub 50). The ISM Manufacturing print also rose (to 49.0), up from 47.6 and better than the 47.9 exp (but still below 50 for the 10th ... (full story)
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US manufacturers reported a further deterioration in overall operating conditions during September, according to the latest PMI™ survey data from S&P Global, albeit only ...
Canada’s manufacturing sector remained inside contraction territory during September. Output, orders and employment all fell amid reports of softening market conditions. ...
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Construction spending during August 2023 was estimated at a seasonally adjusted annual rate of $1,983.5 billion, 0.5% above the revised July estimate of $1,973.7 billion, ...
The US avoided a government shutdown, barely, and this eased one of the headwinds that were anticipated. In turn, this is spurring new gains in US interest rates and helping ...
post: Fed's Bowman: Expects It To Be Appropriate To Raise Rates Further - Hold Them At Restrictive Level For Some Time post: Fed's Bowman: Sees Risk That High Energy Prices Could Reverse Some Of Recent Progress On Lowering Inflation - Progress On Inflation To Be Slow 'Given Current Level Of Monetary Policy Restraint' post: FED'S BOWMAN: INFLATION REMAINS TOO HIGHBowman: Brief Remarks on the Economy and Bank Regulation Thank you for the invitation to join you today. It is a privilege to speak to so many bank leaders from Mississippi and Tennessee together at the same time, and I appreciate the opportunity to be here with you.1 As a former community banker, one of the most informative, enjoyable, and productive aspects of my role is the time I spend with community bankers, listening to issues that are important to you and that affect you and your customers, including, of course, the impact of the Fed's regulation and supervision. Community banks play a key role in supporting economic growth and lending to serve their customers and communities, which is an indispensable role in the U.S. economy. Before we turn to our conversation, I'd like to offer a few thoughts on the economy and monetary policy, following our Federal Open Market Committee (FOMC) meeting last month. As you know, at that meeting, my colleagues and I voted to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent, after raising rates sharply over the past year and a half to reduce inflation. Since then, there has been considerable progress on lowering inflation and the FOMC has responded this year with a more gradual pace of increases. In keeping with this approach, we held the policy rate steady in June, raised it by 25 basis points in July, and then held steady again last month. Inflation continues to be too high, and I expect it will likely be appropriate for the Committee to raise rates further and hold them at a restrictive level for some time to return inflation to our 2 percent goal in a timely way. Most recently, the latest inflation reading based on the personal consumption expenditure (PCE) index showed that overall inflation rose, responding in part to higher oil prices. I see a continued risk that high energy prices could reverse some of the progress we have seen o