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US: A manufacturing collapse
Tue, Dec 2 2008, 07:48 GMT
by Peter Possing Andersen, Signe Roed-Frederiksen
Overview: The US ISM manufacturing index plunged to 36.2 in November, down from 38.9 the previous month. The sector is now in its worst condition since the 1982 recession, with manufacturing production set to subtract significantly from Q4 GDP. The price index continued down on the back of the ongoing decline in raw material and oil prices, reaching 25.5 November - the lowest reading since 1949.
The numbers added to the already toxic sentiment in the markets, spooking deflationary fears further with the downward pressure on bond yields and equity markets intensifying.
Details: The details of the November survey continued to spell broad weakness in the US manufacturing industry, with the index for both new orders and production reaching very compressed levels. The new orders index fell to 27.9 from 32.2, while production declined to 31.1 from 34.1.
Foreign demand for manufacturing goods is now slowing very abruptly. The new export orders index slipped further to 41.0, which is consistent with -10% to -15% annual growth for goods exports.
Published on Tue, Dec 2 2008, 07:50 GMT
Danske Bank
| Holmens Kanal 2-12, DK-1092 Copenhagen
http://www.danskebank.com/ | danskeresearch@danskebank.com
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This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange. Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.Related reports
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