- Prior was +47.4
Details:
- New orders 29.2 versus 30.1 last month
- Shipments 27.7 versus 27.7 last month
- Unfilled orders 20.4 versus 14.4 last month
- Delivery times 26.5 versus 3.7 last month
- Inventories -12.5 versus -3.7 last month
- Prices paid 48.6 versus 40.9 last month
- Prices received 31.3 versus 17.7 last month
- Number of employees 11.8 versus 27.9 last month
- Average employee workweek 18.0 versus 26.5 last month
Six-months from now indicators:
- 6 month index 52.9 vs 73.6 last month
- Capex index 6-month forward 37.1 versus 48.2 last month
- New orders 62.3 versus 66.0 last month
- Shipments 61.1 versus 63.5 last month
- Unfilled orders 16.8 versus 8.5 last month
- Delivery times 18.6 versus 0.0 last month
- Inventories 11.6 versus 17.4 last month
- Prices paid 71.3 versus 62.9 last month
- Prices received 72.3 versus 59.8 last month
- Number of employees 50.6 versus 35.4 last month
- Average employee workweek 31.8 versus 21.4 last month
The survey’s indicators for general activity, new orders, and shipments all remained elevated this month. The employment index fell but remained positive, continuing to suggest overall increases in employment. Both price indicators moved higher this month after declining last month. The firms continued to expect overall growth over the next six months.
This is not a market-moving report but the tick lower in the 6-month index could be an early sign of slowing economic activity due to elevated energy prices, tighter financial conditions and Fed rate hikes. I would look for more such signs in the more important S&P Global and ISM PMIs, as downside surprises there could lead to some dovish repricing in interest rate expectations.
This article was written by Giuseppe Dellamotta at investinglive.com.