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Dallas Fed Mfg Sees Weaker Labor And Price Measures In June

US DATA
  • The Dallas Fed manufacturing index came in close to expectations in June as it only recovered to -23.2 (cons -21.8) from -29.1 for its general business activity metric.
  • The press releases notes some weaker internal points:
  • “Labor market measures suggest weaker employment growth and declining work hours. The employment index retreated 7pts to 2.2, falling below its average reading of 7.8. 17% of firms noted net hiring, while 15% noted net layoffs.
  • “Price pressures evaporated, while wage pressures remained elevated. The raw materials prices index dropped 12pts to 1.4, indicative of little change in input costs from May. The finished goods prices index slipped from 0.4 to -1.9, suggesting selling prices edged down in June. The wages and benefits index held at 25.3, still slightly above its average of 21.1.”
  • It continues a particularly mixed June for regional Fed mfg surveys, with Empire beating with a surprise jump to +6.6, Philly in line at -13.7 and Kansas missing at -12. The Richmond Fed survey lands tomorrow but Friday’s MNI Chicago PMI could provide a clearer indication of how risks are skewed for ISM Mfg to be released next week.
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