America’s output of physically made goods improved in February 2018 according to the Federal Reserve. Rising 1.1 percent, Industrial Production made up for all the downwardly revised decline of 0.3 percent (originally minus 0.1 percent) in January. Year-over-year, this cyclically sensitive indicator increased 4.4 percent.
Economic output continued expanding in February 2018 according to the latest releases from the Institute for Supply Management (ISM). Both of their surveys recorded tallies well above 50.0, a level indicative of no discernable change. Manufacturing’s reading was 60.8, accelerating from 59.1. Meanwhile, non-manufacturing decelerated a smidgen to 59.5 from 59.9 in January.
Income and spending improved to start 2018 according to Bureau of Economic Analysis. Pay increased $64.7 billion (an increase of 0.4 percent) in the period. After-tax pay rose even faster, surging 0.9 percent or $134.8 billion. In addition to taking home more money, Americans spent more as well; personal consumption increased $32.4 billion, a rise of 0.2 percent.
Fourth quarter 2017 gross domestic product (GDP) was revised down marginally after more complete data were gathered. The Bureau of Economic Analysis (BEA) downgraded the annualized growth rate to 2.5 percent from 2.6 percent in the first estimate. With a change as minor as this, the overall picture of economic growth remains the same.
Orders for durable goods declined in January 2018 according to the Census Bureau. Falling 3.7 percent to $239.7 billion, this indicator gave back all of December’s downwardly revised gain of 2.6 percent (originally 2.9 percent) and then some. This most recent setback took the year-over-year number down from 11.3 percent to 6.8 percent, signaling some deceleration from the nati