manufacturing

50.4 is the lowest number since early 2009, during the depths of the recession. So this number, shades above contraction, is a big deal. In fact, the sub-index for new (export) orders index is contracting, meaning slowing economic growth in…

In terms of business activity, the Chicago ISM highlighted the fact that order backlogs recovered from two months of contraction and that employment was the highest in six months, even while new orders erased half of September’s gain. As…

Key points: German Flash Composite Index at 2-month high; Flash Services Index at 3-month high; French Flash Composite Index at 29-month low; Flash Services Index at 27-month low

Euro zone summit ends with no line drawn in the sand; European PMI surprises to the downside. Markets look for euro zone to present comprehensive three-pong approach to finalize crisis this week. US Q3 GDP expected at 2.5%’; Private sector…

Great graphic constructed by Mobile Phone Tracker coming to us via Nicholas Jackson of The Atlantic. We were surprised that only $7.00 goes to Foxconn to manufacture each unit. Here are some of Jackson’s favorite “facts and figures” of the…

Our macro takeaway from the call is that Europe is rolling over. No normal September bounce from the seasonally slow August. The company also notes what they see as a temporary slowdown in China. Alcoa missed and the stock got hammered…

We forgot to post this yesterday. The macro issues raised by GM in their September sales conference call. All are direct quotes from GM management.

All of the major sub-indices from new orders to production to employment recorded an acceleration in growth. This is a good report in the face of weakening macro fundamentals globally. However, the US manufacturing sector is very close to…

Today's durable goods orders data lends credence to our projection of fairly robust Q3 US GDP after the dismal 0.8% expansion in H1. The durable goods report is the third important piece of data that should encourage economists to look for…

Some of the dominant policy issues of today – immigration, energy, the emergence of China – have their analogues in the great Industrial Revolution. The key government policies that laid the foundation for the Industrial Revolution in…