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In January, new orders for American goods shot up less than anticipated, tamed by dives in orders for computers as well as electronic products, which is another sign of decelerating manufacturing activity.
As a matter of fact, factory goods orders rallied by 0.1% because demand for primary metals along with fabricated metal products shrank. It followed December’s unrevised 0.1% leap.
Financial analysts had hoped factory orders would soar by 0.3% in January. Eventually, factory orders jumped by 3.8% in contrast with January last year.
The publication of the report was postponed by a 35-day shutdown of the federal cabinet, which concluded on January 25.
Last Friday’s reports revealed that manufacturing output went down for a second month in a row in February, while factory activity in New York state reached an almost two-year minimum in March.
Manufacturing, accounting for 12% percent of the American economy, is actually losing momentum because the stimulus from the previous year's $1.5 trillion tax trim package recedes. Activity is also being affected by a trade conflict between China and America and also by the previous year's leap in the evergreen buck and softening global economic surge, affecting exports.
In January, orders for machinery went up by 1.5% having dived by 0.4% in December. As for orders for oil field, gas field machinery, and mining, they dived by 2.7% having decreased by 8.2% in December.
Orders for electrical equipment, components, and appliances bounced off 1.4% having declined by 0.3% in December. Electronic products and computers went down by 0.9% having slipped by 0.4% in December.
As for orders for primary metals, they shrank by 2%, while fabricated metal products orders lost 0.6%. Additionally, transportation equipment orders rallied by 1.2% in January, decelerating from the previous month’s 3.2% surge.
Pay attention to the FOMC meeting, where the rate cut is expected. Also, it is recommended to keep an eye on the oil prices, updates on trade talks between the USD and China and, of course, Brexit.
The retail sales for the US in focus today
The USA will publish the level of retail sales and core retail sales on September 13, at 15:30 MT time.
Pay attention to the FOMC meeting, where the rate cut is expected. Also, it is recommended to keep an eye on the oil prices, updates on trade talks between the USD and China and, of course, Brexit.
The retail sales for the US in focus today
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
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