- Prior was -12.9
- Employment 15.0 vs 15.6 last month
- Hours worked 8.0 from 14.4 last month
- New orders -6.4 from -4.4 last month
- Production 9.3 vs 1.2 last month
- Raw material price paid 37.1 vs 34.4 last month
- Prices received 18.1 vs 26.8 last month month
- Shipments 7.1 vs 3.4 last month
- Growth rate of new orders -1.7 vs -14.7 last month
- Finished goods inventories 3.3 vs 1.2 last month
- Wages and benefits 36.6 vs 45.8 last month
- Capital expenditures 13.6 vs 14.2 last month
The inflation metrics are sliding. Unfortunately, so are the growth measures.
Comments in the report:
- Our order rate has decreased over the past month. We are only working four days on some of our equipment.
- Although we continue to see surges in new orders, there are still several uncertainties and key issues that give us pause on overall business conditions.
- We see the general economic situation worsening, but our customers are still buying because the oil industry is still making money and they see a bright future even though they will not talk about it. Therefore, we have hired a few new people to support the business that is coming over the next couple of months.
- The personal electronics market shows signs of weakness and is expected to weaken further. Other markets, especially automobiles, remain strong. Inventory builds are reported throughout all channels.
- There is no optimism in the most positive outlook. Interest rate hikes will hit our industry har (transport equip)
- We are beginning to see a slowdown in requests for bids on projects.
- We have seen a dramatic shift in consumer behavior and it is impacting our volume. Beginning in May, demand for our premium products started to wane as consumers shifted to less-expensive brands. This has accelerated as fuel and other costs have risen.
- Sales have started to slow this summer, as has our general outlook on business over the short and long term.
- Workforce shortages remain. Hiring is expensive or nonexistent. Customers are becoming more restless and looking for better service and price. Inflation is on everyone’s mind. It is not a healthy environment.