factory orders

Bi-Weekly Economic Review

By |2018-07-19T18:59:24+00:00July 19th, 2018|Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Monthly Macro Monitor, Politics|

This will be a fairly quick update as I just posted a Mid-Year Review yesterday that covers a lot of the same ground.  There were, as you'll see below, some fairly positive reports since the last update but the markets are not responding to the better data. Markets seem to be more focused on the [...]

Giant Sucking Sound Sucks (Far) More Than US Industry Now

By |2017-12-05T18:22:44+00:00December 5th, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

There are two possibilities with regard to stubbornly weak US imports in 2017. The first is the more obvious, meaning that the domestic goods economy despite its upturn last year isn’t actually doing anything positive other than no longer being in contraction. The second would be tremendously helpful given the circumstances of American labor in [...]

Irreführende Statistiken

By |2017-08-07T19:17:14+00:00August 7th, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Germany’s Federal Statistical Office (DeStatis) reported today disappointing figures for Industrial Production. The seasonally-adjusted series fell in June 2017 month-over-month for the first time this year, last declining in December 2016. The index had been on a tear, rising nearly 5% in the first five months of this year. The move was considered by many [...]

What Manufacturing Productivity Suggests About ‘Dollars’ And Stagnation

By |2017-07-25T16:42:35+00:00July 25th, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

In a report released last week, the Bureau of Labor Statistics (BLS) found that Multi-Factor Productivity rose in only 21 of the 86 categories of the manufacturing industry in 2015. Unlike labor productivity which is more easily calculated, Multi-Factor Productivity measures attempt to take account of all business inputs (including labor). Capitalism is by its [...]

Manufacturing Back To 2014

By |2017-03-06T17:48:54+00:00March 6th, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The ISM Manufacturing PMI registered 57.7 in February 2017, the highest value since August 2014 (revised). It was just slightly less than that peak in the 2014 “reflation” cycle. Given these comparisons, economic narratives have been spun further than even the past few years where “strong” was anything but. The ISM’s gauge of orders increased [...]

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