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The following chart is derived from yesterday’s Industrial Production data. Not surprising, computer and electronic manufacturing is up year-on-year and has significantly outperformed the rest of the manufacturing sector as measured in the Industrial production data.
53% of COVID private sector jobs losses have been recovered (Chart 2) Total private-sector payrolls are still down 7.4% since January (Chart 3) Service-providing jobs have been hit disproportionally hard, falling 7.8% since January (Chart 3) Goods producing jobs only make up 16.7% of private-sector employment (Chart 4) The Computer & Electronic Products sector employment … More Labor Market Recovery Slowing, 53% Of COVID Job Losses Have Been Recovered
The flash Purchasing Manager Indices (PMI) have just been released by Markit, which shows the manufacturing sectors in the U.S. and Europe continue a strong rebound. IHS Markit Flash U.S. Manufacturing PMI™ Manufacturers indicated the fastest improvement in operating conditions since January 2019 in September, as highlighted by the IHS Markit Flash U.S. Manufacturing … More Reading PMIs: A Cautionary Note
Summary Industrial Production (IP) rose for its fourth consecutive month after March and April’s sharp contraction (Chart 1) IP remains 7.6 percent below its December 2019 level (Chart 1) Durable Manufacturing output was up 0.7 percent in August, led by Computers and Aerospace products (Chart 2) Computer & Electronic Products (CEP) continue to significantly outperform … More Computer & Electronic Product Output Continues To Outperform
· The U.S. economy is set for a sharp rebound in Q3 · The Atlanta Federal Reserve’s GDPNow estimate for Q3 GDP growth is currently running at a stunning 30.7 percent annualized rate (6.9 percent q/q), which is almost 2x the prior highest quarterly GDP print on record, registered in Q1 1950 (Chart 1) · … More Q3 U.S. GDP Growth Set For 30% But No V-Shaped Recovery