Free Markets, Free People
Economic Statistics for 4 Sep 12 (Updated)
The following US economic statistics were announced today:
The final manufacturing PMI from Markit Economics is 51.5, almost unchanged from July’s 51.4.
The ISM manufacturing index remains at contractionary levels, falling 0.2 points to 49.6. New orders are contracting for the third straight month, and are at the worst level since April, 2009, at 47.1. The lack of new orders means the production index fell a very steep 4.1 points 47.1, the first reading under 50 since May 2009. There’s really nothing positive in this report.
Construction spending fell unexpectedly in July, falling -0.9% from June. On a year-over-year basis, spending rose 9.3%.
Motor vehicles sales will be reported throughout the day today. The consensus estimate is for 11.1-11.4 million units sold domestically, with 14.0-14.7 units sold worldwide.
UPDATE: The auto industry posted the best August sales in 5 years, with domestic vehicle sales at an annual 11.6 million annual rate, and total vehicle sales at 14.5 million. Sales were up over 20% from a year ago.Toyota, the world’s largest automaker, showed a sales increase of 46%, and Honda’s sales rose 59.5% as the company’s recover from the earthquake and tsunami last year. All three domestic auto makers posted greater sales gains than analysts had expected.