Last updateThu, 22 Oct 2020 5pm

Industrial Production Rose 3% in July

Total industrial production rose 3.0% in July after increasing 5.7% in June; even so, the index in July was 8.4% below its pre-pandemic February level. Manufacturing output increased 3.4% in July, but it was still about 8% below its pre-pandemic February level. The index for durable manufacturing rose 5.5% in July. Mining production rose 0.8% after decreasing for five consecutive months.

Global Manufacturing Expands for First Time Since January

The global manufacturing sector moved back into expansion territory in July, as output and new orders started to revive following the slump caused by the COVID-19 outbreak. Business sentiment also started to recover, hitting a five-month high, but the labor market downturn continued with job losses registered for the eighth straight month.

The J.P.Morgan Global Manufacturing PMI rose to a six-month high of 50.3 in July, up from 47.9 in June and back above the neutral 50.0 mark for the first time since January. Of the 27 nations for which July data were available, 13 had PMI readings above the neutral 50.0 mark.

Producer Prices See Largest Increase in Nearly Two Years

The Producer Price Index for final demand increased 0.6% in July, seasonally adjusted, the U.S. Department of Labor reported. This rise followed a 0.2% decline in June and a 0.4% advance in May. The July increase is the largest rise since a 0.7% advance in October 2018. On an unadjusted basis, the final demand index moved down 0.4% for the 12 months ended in July.

Dallas Fed: Uneven Economic Recovery Likely in Texas

With the unusual economic shocks following COVID-19, traditional measures of economic activity have not been timely enough to capture the latest changes in the economy and are likely subject to greater revision than usual. In this environment, surveying businesses on real-time economic conditions becomes even more valuable.

The Dallas Fed’s Texas Business Outlook Surveys show that while recovery continued in some sectors in July, it faltered in others as new COVID-19 cases surged across the state. The surveys have a well-established track record of reliably informing the nation about economic conditions in Texas, and they reflect a large and robust sample, in fact reaching record response numbers amid the pandemic.

U.S. Added Nearly 1.8 Million Jobs in July

Total nonfarm payroll employment rose by 1.763 million in July, and the unemployment rate fell to 10.2%, the U.S. Department of Labor reported today. These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it. In July, notable job gains occurred in leisure and hospitality, government, retail trade, professional and business services, other services, and health care.

Manufacturing employment increased by 26,000 in July. An employment gain in motor vehicles and parts (+39,000) was partially offset by losses in fabricated metal products (-11,000), machinery (-7,000), and computer and electronic products (-6,000). Although manufacturing has added 623,000 jobs over the past 3 months, employment is 740,000 lower than in February.

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