Here’s a round-up of some of the recent manufacturing surveys in the USA.  On the whole they’ve been much weaker than expected:

Dallas Fed Business Activity Index: -3.4, down from 10.8 last month.

Kansas City Manufacturing Index: 3, down from 9 last month.

Richmond Fed Index: 14, up from 7 last month.

Empire State Index: 6.56, down from 20.21 last month.

Philly Fed Survey: 8.5, down from 12.5 last month.

Chicago PMI: 56.2, down from 62.2 last month.

Interestingly, the consensus is calling for a flat ISM report despite broad weakness in recent regional reports.  Last month’s ISM report came in at 53.4 and the consensus is calling for 53 tomorrow.  If the regional surveys are telling us anything it’s likely that there’s downside risk in tomorrow’s report.  And if so, we’ll likely get more chatter about QE3 in June….


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Cullen Roche

Mr. Roche is the Founder of Orcam Financial Group, LLC. Orcam is a financial services firm offering research, private advisory, institutional consulting and educational services.

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  • perpetual neophyte

    Great round-up; thanks.

  • Helix12

    The Fed Reserve is inextricably linked to the govt, not independant. Obama can’t risk a high gas / food price backlash from the people if he wants to be re-elected. Surprisingly, the 99% will be considered here . Hence, no QE.

  • perpetual neophyte

    54.8 for April, above March and above forecast.

  • Carl

    Looking forward to the QE3 in June.