The Monday Economic Report – June 19, 2017, was not so positive. It said:
… Manufacturing production fell for the second time in the past three months, down 0.4 percent in May. Motor vehicles and parts production led the decline in May, down 2.0 percent for the month and off 1.5 percent year to date, as automotive demand has continued to be weaker than desired so far in 2017. Despite the easing in this latest release and some lingering challenges, the underlying data remain consistent with a manufacturing sector that has turned a corner and has moved in the right direction, especially relative to where it stood at this point last year. Manufacturing production has risen 1.4 percent over the past 12 months, expanding for the seventh consecutive month.
The overall scenario for global manufacturing is still positive. You can read the details here. Summary:
- Eurozone manufacturers reported their best growth rates since April 2011
- Canada did well in May, in spite of a pullback from a six-year high in April
- Mexico saw a slight rebound in May but below expectations
- Chinese manufacturing contracted slightly for the first time in 11 months
- Japanese manufacturing showed a modest expansion in May
- Emerging markets expanded, but at the slowest pace in May since September
Let’s see what the Summit will reveal, although nothing earth-shaking is expected.