In the most recent survey, there was a notable decrease in the percent of manufacturers serving the medical industry, 32% in the most recent week versus 41% the week prior. This seemed to have a significant impact on the results of the survey and indicated that those manufacturers not serving the medical industry were facing a different situation than those serving the medical industry.
Compared with one year ago, capacity utilization contracted 10.9%. This was the 10th month in a row and the 11th of the last 12 months that capacity utilization contracted.
Compared with one year ago, the index contracted 9.7%, which was the seventh straight month of contraction.
There is a strong relationship between the unemployment rate and the number of delinquent and defaulted loans. Since the first jump in unemployment claims on March 21st and through April 11th, over 22 million people have filed unemployment insurance claims. This vast increase in unemployment suggest that near-term credit conditions are very likely to deteriorate.
In March, the year-over-year change in the real rate was -133 basis points. The change was negative for the 15th month in a row. This was the lowest level for the year-over-change since December 2016.
In February, the annual rate of contraction of machine tool orders in both units and dollars contracted faster. This was expected as the GBI: Metalworking, which leads machine tool orders by 7-12 months, rate of contraction was just starting to bottom.
In March, the monetary base grew 14.8% as the Federal Reserve revived programs from the Great Recession in 2008-2009.
During the week of April 6th, more manufacturers experienced changes to standing orders, business practices, lead times, supplier access and materials/parts availability. However, the percent of manufacturers making adjustments to their business, as a result, was generally unchanged.
February was the first month of growth in durable goods new orders since July 2019 and the fastest rate of growth since January 2019.
During the week of March 30th, Gardner Intelligence’s COVID-19 survey showed that changes experienced by manufacturers stabilized while the severity of changes and adjustments lessened. And, there was a small but notable shift in manufacturers serving the medical industry.
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