The US Industrial economy (if pipeline scheduling is correct) continued its retreat last week, consumer spending continued to languish, and signs of the beginnings of the traditional (seasonal) September-ramp-to-Christmas were (so far) meek.The Production Index (In terms of its 28-day moving average of gas-flow scheduling into US industrial facilities) gave ground for its second week in a row, dropping to 118.9 (vs last weeks revised 120.0). In its raw dailies above, the measure was soft the start of the week then strengthened a bit late on the transition to September and the Labor-Day Holiday. Against seasonals the measure was very soft throughout the week.
The Consumption Index extended its slide for its fourth straight week, dipping to 124.8 (from last weeks 132.1). In its raw dailies the measure was choppy but overall week, and against seasonals especially so.
The Inventories measure (the cumulative weekly difference between the Production Index and the Consumption Index) again continued in its long-term decline.
Overall, gas-flows continue to look like mush, with the economy dead-in-the-water. Employment (not business profitability) looks to be taking most of the hit at the moment, though as the consumption index nears the production index, business will have to cut production runs if consumption slides much further if it wants to isolate itself from financial harm.
-Robry825
