{"id":499564,"date":"2010-04-01T10:53:59","date_gmt":"2010-04-01T14:53:59","guid":{"rendered":"http:\/\/blog.metasd.com\/?p=949"},"modified":"2010-04-01T10:53:59","modified_gmt":"2010-04-01T14:53:59","slug":"us-manufacturing-%e2%80%a6-are-you-high","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/499564","title":{"rendered":"US manufacturing \u2026 are you high?"},"content":{"rendered":"<p>The BBC today carries the headline, &#8220;<a href=\"http:\/\/news.bbc.co.uk\/2\/hi\/business\/8599343.stm\">US manufacturing output hits 6 year high<\/a>.&#8221; That sounded like an April Fool&#8217;s joke. Sure enough, <a href=\"http:\/\/research.stlouisfed.org\/fred2\/series\/OUTMS\">FRED shows manufacturing output<\/a> 15% below its 2007 peak at the end of last year, a gap that would be almost impossible to make up in a quarter. The problem is that the <a href=\"http:\/\/www.ism.ws\/ISMReport\/MfgROB.cfm\">ISM-PMI<\/a> index reported by the BBC is a measure of growth, not absolute level. The BBC has confused the stock (output) with the flow (output growth). In reality, things are <a href=\"http:\/\/research.stlouisfed.org\/fred2\/series\/NAPMNOI\">improving<\/a>, but there&#8217;s still quite a bit of ground to cover to recover the peak.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The BBC today carries the headline, &#8220;US manufacturing output hits 6 year high.&#8221; That sounded like an April Fool&#8217;s joke. Sure enough, FRED shows manufacturing output 15% below its 2007 peak at the end of last year, a gap that would be almost impossible to make up in a quarter. The problem is that the [&hellip;]<\/p>\n","protected":false},"author":818,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-499564","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/499564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/818"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=499564"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/499564\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=499564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=499564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=499564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}