As we finished up our discussion on the economy -- during a client review meeting last week -- I said "if we could only track one indicator it would probably be the treasury yield curve. A close second would be the Institute for Supply Management (ISM) Surveys."
The ISM's August Manufacturing Survey, released on Friday, came in way better than economists' expectations. Here's the "What Respondents Are Saying" section of the release:WHAT RESPONDENTS ARE SAYING ..."Steady demand across businesses." (Chemical Products)
"Demand for light construction equipment continues strong; usually at this time of year, demand slackens." (Machinery)
"Overall very steady; starting to pick up as expected." (Computer & Electronic Products)
"Overall optimism about the market, both for 2017 and 2018." (Miscellaneous Manufacturing)
"Business has strengthened over the summer, beyond [the] same period last year." (Paper Products)
"Busy production month for August." (Textile Mills)
"Sales remain strong month-to-month. (Transportation Equipment)
"Slightly higher order intake." (Electrical Equipment, Appliances & Components)
"Order board is very strong right now. (Food, Beverage & Tobacco Products)
"Business is steady and strong. (Furniture & Related Products)
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