Two more regional manufacturing reports came out today, from Dallas and Richmond.

The Dallas region was the weakest in six years thanks to oil. For details, please see Dallas Fed Manufacturing Index Collapses: Lowest Production Reading in 6 Years, Orders Contract 7th Month, New Orders 5th Month.

Comparative Wrap-Up

Component Richmond Kansas City Phillly Empire State Dallas
Date 26-May 21-May 15-May 5-May 26-May
Index 1.0 -13.0 6.7 3.1 -20.8
Production N/A -13.0 N/A N/A -13.5
Shipments -1.0 -9.0 1.0 14.9 -11.6
New Orders 2.0 -19.0 4.0 3.9 -14.1
Order Backlog -10.0 -21.0 -1.1 -11.5 -10.6
Employees 3.0 -17.0 6.7 5.2 -8.2
Workweek 6.0 -14.0 -5.6 -2.1 -11.6
Prices Received N/A -4.0 -5.4 1.0 -8.7
Prices Paid N/A -6.0 -14.2 9.4 -1.7

Reports

May 05: Empire State
May 15: Philly
May 21: Kansas City
May 26: Richmond
May 26: Dallas

Notes:

  • Some regions use the term “order backlog” others “unfilled orders”
  • Some regions had a production index component, others not.
  • Richmond discussed prices paid and received on an annualized basis, not an index component that could be directly compared to the others.

Significant Points

  • The Dallas and Kansas City regions were both hammered by collapse in oil prices and oil related services.
  • Order Backlog was negative across the board.
  • Employee Workweek was down in four of five regions.
  • Prices Received was down in three of four regions.

In aggregate, these are weak to very weak reports.

Mike “Mish” Shedlock