Aug 3: ISM Index Improves

The ISM Manufacturing Index increased to 48.9 in July, was expected to increase to 46.4, from 44.8.  The index had been below 50 for the past 18 months, signifying contraction on the manufacturing levels, but recent rising levels can serve as an indication that the rate of decline is diminishing with prospects of an anticipated recovery.  The following 6 industries of the 18 used to measure the index reported growth over the month: Nonmetallic Mineral Products; Paper Products; Printing & Related Support Activities; Electrical Equipment, Appliances & Components; Transportation Equipment; and Chemical Products.  Ten of the remaining industries in the industry showed contraction: Machinery; Plastics & Rubber Products; Wood Products; Textile Mills; Miscellaneous Manufacturing; Furniture & Related Products; Computer & Electronic Products; Food, Beverage & Tobacco Products; Fabricated Metal Products; and Primary Metals.

Construction Spending in June decreased by 0.9% to $965.7 billion, better than the expected 0.5% decline, after having decreased by 0.8% in May (revised from a 0.9% decrease) as public construction grew by 1.0% offsetting the 0.1% reduction in private construction.  Over the year, spending declined by 10.2% from the June 2008 level of spending, $1,075.6 billion.

Domestic Vehicle Sales are also anticipated today, expected to increase to 7.4 million from the 7.1 million sales reported in June.

Upcoming Releases
Personal Consumption Expenditures (08/04 at 8:30 AM EST)
Factory Orders (08/05 at 10:00 AM EST)
ISM Services (08/05 at 10:00 AM EST)
Initial Claims (08/06 at 8:30 AM EST)
Unemployment (08/07 at 8:30 AM EST)

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