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June 16, 2004
Surging Factories and Declining Inventories Cause Scarcity of CowbellsU.S. Industrial Production Rose 1.1% in May; Plant-Use at 77.8% June 16 (Bloomberg) -- U.S. industrial production increased 1.1 percent in May, the most in almost six years... The rise in production at the nation's factories, mines and utilities last month followed a 0.8 percent increase in April, the Fed said in Washington. The proportion of industrial capacity in use rose to 77.8 percent, the highest since May 2001, from 77.1 percent. Industrial production is up 6.3 percent from May of last year, the biggest 12-month increase since a 7 percent gain in the year ended May 1998. With inventories at record lows relative to sales, production and employment are likely to keep growing and give the economy a boost, economists said. ``Accelerated business investment and the rebound in manufacturing is the big story in 2004,'' said Tim Rogers, chief economist at Briefing.com, a Boston-based forecasting firm, before the report. ``Consumers carried the economy at the start of the recovery and businesses are the drivers right now.'' Manufacturing employment last month rose the most in almost six years, the latest Labor Department statistics showed, as sales improved and businesses tried to speed assembly lines to keep up with demand. Economists had expected a 0.8 percent increase in industrial production, according to the median of 69 forecasts in a Bloomberg News survey. The May rise was the largest since a 2 percent increase in August 1998, when production surged after the return of striking General Motors Corp. workers. Okay. Let's think about that: The only recent period when manufacturing grew by a greater percentage was when it artificially and suddenly following the resolution of a strike at one of the nation's biggest manufacturers. ... Work at factories, which accounts for almost 90 percent of industrial production, rose 0.9 percent last month, the most since February, after rising 0.7 percent in April. Production of electronics increased 5.1 percent and was 31.6 percent higher than in May 2003. ... Businesses in April had enough goods in stock to satisfy 1.3 months' worth of sales at their current pace, matching the March figure as the lowest on record, a Commerce Department report showed yesterday. ... A rebound in manufacturing, and the hiring it inspires, is likely to boost economic growth, economists said. The economy is projected to expand 4.6 percent this year, the most since 1984, according to the median estimate of a separate Bloomberg News survey this month. I apologize, but manufacturing simply cannot keep up with demand. The price of cowbells has skyrocketed to unheard-of levels, putting them out of the price range of this humble blog. Until this boom in manufacturing subsides, the best I can offer is the Robot from Lost in Space:
posted by Ace at 01:17 PM
CommentsCan I play pessimistic lefty? : "Great, higher production and lower inventories mean that sky rocketing inflation is just around the corner... which means interest rates are gonna have to rise to try (but fail) to rein in this inflation, causing a recession... And it's ALL BUSH'S FAULT!!" Posted by: JFH on June 16, 2004 01:37 PM
Yeah, but we're proving that wrong sort of every day. Yesterday's CPI showed that without food/energy, it's still minimal. There's still some deflationary trends going on....this will be a very strong demand led recovery. I'm with Ace, cowbell can't be afforded.... Posted by: David on June 16, 2004 02:05 PM
Even the Washington Post has noticed the economy is good, an that's bad for Kerry. Posted by: blaster on June 16, 2004 02:36 PM
Something about the end of your message made this pop into my head: 1. A moonbat may not injure a Third World dictator or, through inaction, allow a Third World dictator to come to harm. 2. A moonbat must obey orders given it by Noam Chomsky except where such orders would conflict with the First Law. 3. A moonbat must protect its own existence as long as such protection does not conflict with the First or Second Law. Or France. Posted by: I, Moonbat on June 16, 2004 02:52 PM
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| The Deplorable Gourmet A Horde-sourced Cookbook [All profits go to charity] Top Headlines
Senator Lindsey Graham (R - SC) has died after a "brief and sudden illness." [Buck]
The "Evel Knievel Experience," a museum dedicated to the famous daredevil, opens in (where else) Las Vegas
Well I guess they could have opened it on the Snake Canyon.
In response to someone asking why the video tape doesn't show Tyler Robinson's face (PS, it does, but it's crappy video so it's blurry):
Candace OwensFor such an "open and shut case" they have thus far provided ZERO evidence of anything outside of a criminal government conspiracy, the likes of which hasn't been seen since the JFK assassination.
More "fedslop" that Cavernous Nostrils is too smart to be taken in by:
Blake Neff Fenix Ammunition Post here, showing Tyler Robinson's ammunition, matching this guy's own box. And it is an expanding-tip hollow-point round. Boy these Internet Experts (TM) sure do get a lot of things wrong.
Lost 70s Mystery Click
And a song with another song as an intro, too: Be it sight, sound, smell, or touch There's something Inside that we need so much The sight of a touch, or the scent of a sound Or the strength of an oak with roots deep in the ground The wonder of flowers to be covered and then to burst up Thru tarmac, to the sun again Boy do they look like absolute dorks.
Lost 70s Mystery Click
Doing alright A little jiving on a Saturday night And come what may Gonna dance the day away Jenny was sweet She always smiled for the people she'd meet On trouble and strife She had another way of looking at life
RIP Lord Humungus
[CBD]
Forgotten 80s Mystery Click
It happened one summer, it happened one time It happened forever, for a short time A place for a moment, an end to dream Forever I loved you, forever it seemed One summer never ends, one summer never began It keeps me standing still, it takes all my will
An Update about Grammie Winger:
She is doing poorly...she is in the hospital and is having a tough go of it. She would love to hear from you folks, so anyone who would like to contact her is welcome to her address! Please contact Bluebell at moroncookbook@gmail.com for her contact info. (I expect her local post office to be furious with us!) [CBD] Recent Comments
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