Wells Fargo--Dr. Sohn's "NAPM (non-mfg)"
NAPM (non-mfg):
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...As of 12/31/2000, Berkshire Hathaway owned 55,071,380 shares of Wells Fargo & Company.
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>>> September 6, 2001
Date Indicator For Estimate Actual Previous Period
Sept. 6 NAPM Non-Mfg Aug. 49.5 45.5 48.9
Total Index
Sept. 6 New Orders Aug. 45.9 48.6
Sept. 6 Initial Claims Aug. 402K 400K 405K R
drsohn.com
Commentary:
The NAPM Non-manufacturing survey for August indicates that the service industry
remains mired in contraction. At 45.5 the business activity index comes in far below
consensus expectations, falling 3.4 points from July’s figure. An index level below 50
indicates contraction. New orders decreased and order backlogs shrank more rapidly in
August than July. New export orders are suffering from the global economic slowdown
going from increasing to decreasing, and falling dramatically to 47.5 from 53.0.
Inventories continue to fall, decreasing faster in August to 43.5, but demand appears to
be fading just as fast. Non-manufacturing purchasing managers report an increased
feeling of inventories being too high. The inventory sentiment index rose 4.0 points to
65.5. Prices paid continue to trend lower, which should help to relieve squeezed profit
margins, while also giving the Federal Reserve wide latitude to continue to cut interest
rates without fear to fuelling inflation.
This report confirms the trends coming from the manufacturing sector that overall
economic activity continues to contract. One would need to see new orders firming
before the contraction in the service industry could abate.<<< |
