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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Yorikke who wrote (3377)3/7/2001 11:12:13 AM
From: John Pitera   of 33421
 
Productivity Numbers --Preliminary...

Fourth quarter revisions left slightly weaker 2.2% productivity growth (from 2.4%).
Reduced productivity growth further boosted unit labor costs to 4.3% (from 4.1%).0.8% output growth the weakest since Q2 1995.
Hours worked fell 1.4%; in combination with output leaves 2.2% productivity growth.
Unit labor costs deflates strong 6.6% compensation growth with productivity growth.
Sharp slowing from 6.3% productivity in Q2 leaves a slower 3.4% annual rate (from 5.3% y/y in Q2).
ULC has risen to 2.3% annual growth (from -0.4% y/y in Q2).
Sharpest turn comes from durable manufacturing with strong 6.6% Q4 productivity from 11.5% in Q3.

so these Productivity numbers were nothing to write home about, building on Steven Roach's missive from 2
weeks ago.

the factory Numbers:-- Uniform Weakening here as should be expected.


Factory Orders
January factory orders fell 3.8%,
Factory sales -1.1%, inventories 0.7%, I/S ratio rose to 1.35Revised 6.5% plunge in durable goods orders compared to -0.2% in nondurables.
Transportation (aircraft) provided vast bulk of durable goods plunge, -0.3% orders decline without.
Shipments (sales) fell 1.1% -- fifth consecutive decline.
Sales decline left more stock on the shelves as inventories rose 0.7%, further softens the production outlook.
Inventory/sales ratio rose to 1.35 from 1.25 record low in June.
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