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Economy in Brief

Kansas City Federal Reserve Factory Index Improves
by Tom Moeller  June 22, 2017

The Federal Reserve Bank of Kansas City reported that its index of regional manufacturing sector business activity rose to 11 in June, following an unrevised improvement to eight in May. It remained down sharply from the March reading of 20. The ISM-Adjusted index gained to 55.0 (NSA), but remained below the Q1 average of 57.1.

Movement amongst the index components was mixed. Production, employment, shipments and the workweek each moved higher. These gains were offset by lower readings for new orders, supplier delivery speeds, material inventories, order backlogs and export orders.

The index of finished goods prices declined following four months of increase. The raw materials prices index declined to the lowest level since November.

The overall expectations index eased following a strong May increase. Expected new orders, shipments, production and materials inventories each fell while employment gained.

Expectations for finished goods prices slipped to the lowest point since February but expected raw material prices increased following two months of sharp decline.

The diffusion indexes are calculated as the percentage of total respondents reporting increases minus the percentage reporting declines. The survey included 94 responses from plants in Colorado, Kansas, Nebraska, Oklahoma, Wyoming and northern New Mexico. Data for the Kansas City Fed Survey can be found in Haver's SURVEYS database.

Kansas City Federal Reserve Manufacturing Survey (SA) Jun May Apr Jun '16 2016 2015 2014
Conditions Versus One Month Ago (% Balance) 11 8 7 2 -2 -6 6
ISM-Adjusted Composite Index (NSA) 55.0 54.6 52.5 50.9 48.5 46.8 52.7
   New Orders Volume 4 9 8 3 -1 -8 7
   Number of Employees 15 11 9 -4 -6 -10 5
   Production 23 -1 12 14 1 -5 7
   Prices Received for Finished Product -2 8 5 -4 -7 -5 5
Expected Conditions in Six Months 25 30 17 8 9 4 17
   New Orders Volume 39 46 15 14 19 11 26
   Number of Employees 32 24 26 12 8 6 18
   Production 42 50 28 17 20 11 28
   Prices Received for Finished Product 21 23 24 5 6 9 26
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