ISM manufacturing - 10:00 - late because link did not work

Full report here November 2009 Manufacturing ISM Report On Business® PMI at 53.6% DO NOT CONFUSE THIS NATIONAL REPORT with the various regional purchasing reports released across the country. The national report's information reflects the entire United States, while the regional reports contain primarily regional data from their local vicinities. Also, the information in the regional reports is not used in calculating the results of the national report. The information compiled in this report is for the month of November 2009. New Orders, Production and Employment Growing Inventories Contracting Supplier Deliveries Slower (Tempe, Arizona) — Economic activity in the manufacturing sector expanded in November for the fourth consecutive month, and the overall economy grew for the seventh consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business®. The report was issued today by Norbert J. Ore, CPSM, C.P.M., chair of the Institute for Supply Management™ Manufacturing Business Survey Committee. "The manufacturing sector grew for the fourth consecutive month in November. While the rate of growth slowed when compared to October, the signs are still encouraging for continuing growth as both new orders and production are still at very positive levels, and the Prices Index fell 10 points, signaling less inflationary pressure on manufacturers' costs. Overall, the recovery in manufacturing is continuing, but many are still struggling based on their comments." PERFORMANCE BY INDUSTRY In November, 12 of the 18 manufacturing industries reported growth. The industries — listed in order — are: Apparel, Leather & Allied Products; Printing & Related Support Activities; Petroleum & Coal Products; Miscellaneous Manufacturing; Electrical Equipment, Appliances & Components; Transportation Equipment; Chemical Products; Computer & Electronic Products; Food, Beverage & Tobacco Products; Paper Products; Fabricated Metal Products; and Machinery. The five industries reporting contraction in November are: Wood Products; Furniture & Related Products; Nonmetallic Mineral Products; Primary Metals; and Plastics & Rubber Products. WHAT RESPONDENTS ARE SAYING ... * "Becoming concerned about the value of the U.S. dollar." (Apparel, Leather & Allied Products) * "Low value of the dollar driving commodity costs higher." (Food, Beverage & Tobacco Products) * "Demand from automotive manufacturers remains strong and building." (Fabricated Metal Products) * "Capital construction seems to be picking up, and we are seeing more jobs that are bid out." (Electrical Equipment, Appliances & Components) * "Steady increase in business." (Primary Metals) COMMODITIES REPORTED UP/DOWN IN PRICE and IN SHORT SUPPLY Commodities Up in Price Aluminum (5); Copper (6); Copper Based Products (5); Natural Gas (2); Oil; and Steel (5). Commodities Down in Price No commodities are reported down in price. Commodities in Short Supply Electronic Components is the only commodity reported in short supply. Note: The number of consecutive months the commodity is listed is indicated after each item. PMI Manufacturing growth decelerated in November as the PMI registered 53.6 percent, a decrease of 2.1 percentage points when compared to October's reading of 55.7 percent. This continues the recovery in the sector, but at a slower rate of growth. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting. A PMI in excess of 41.2 percent, over a period of time, generally indicates an expansion of the overall economy. Therefore, the PMI indicates growth for the seventh consecutive month in the overall economy, as well as expansion in the manufacturing sector for the fourth consecutive month. Ore stated, "The past relationship between the PMI and the overall economy indicates that the average PMI for January through November (45.4 percent) corresponds to a 1.3 percent increase in real gross domestic product (GDP). However, if the PMI for November (53.6 percent) is annualized, it corresponds to a 3.9 percent increase in real GDP annually." THE LAST 12 MONTHS

Pending home sales - 10:00

Full report here Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2. Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future. The PHSI in the Northeast surged 19.9 percent to 100.2 in October and is 44.2 percent above a year ago. In the Midwest the index rose 11.6 percent to 109.6 and is 36.6 percent higher than October 2008. Pending home sales in the South increased 5.4 percent to an index of 115.4, which is 31.6 percent above a year ago. In the West the index fell 11.2 percent to 127.7 but is 21.9 percent above October 2008. Yun cautioned that home sales could dip in the months ahead. “The expanded tax credit has only been available for the past three weeks, but the time between when buyers start looking at homes until they close on a sale can take anywhere from three to five months. Given the lag time, we could see a temporary decline in closed existing-home sales from December until early spring when we get another surge, but the weak job market remains a major concern and could slow the recovery process. “Still, as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010. That would mean broad wealth stabilization for the vast number of middle-class families,” Yun said. The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Construction spending - 10:00

Full report here OCTOBER 2009 CONSTRUCTION AT $910.8 BILLION ANNUAL RATE The U.S. Census Bureau of the Department of Commerce announced today that construction spending during October 2009 was estimated at a seasonally adjusted annual rate of $910.8 billion, nearly the same as (±1.6%)* the revised September estimate of $910.4 billion. The October figure is 14.4 percent (±1.6%) below the October 2008 estimate of $1,064.1 billion. During the first 10 months of this year, construction spending amounted to $794.0 billion, 12.6 percent (±1.1%) below the $908.9 billion for the same period in 2008. PRIVATE CONSTRUCTION Spending on private construction was at a seasonally adjusted annual rate of $589.0 billion, 0.3 percent (±1.1%)* above the revised September estimate of $587.2 illion. Residential construction was at a seasonally adjusted annual rate of $250.3 billion in October, 4.4 percent (±1.3%) above the revised September estimate of $239.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $338.6 billion in October, 2.5 percent (±1.1%) below the revised September estimate of $347.5 billion. PUBLIC CONSTRUCTION In October, the estimated seasonally adjusted annual rate of public construction spending was $321.8 billion, 0.4 percent (±2.4%)* below the revised September estimate of $323.2 billion. Educational construction was at a seasonally adjusted annual rate of $85.7 billion, 1.1 percent (±2.9%)* above the revised September estimate of $84.7 billion. Highway construction was at a seasonally adjusted annual rate of $87.2 billion, 0.3 percent (±6.6%)* below the revised September estimate of $87.4 billion.