INDICATOR: January Industrial Production and Import/Export Prices
KEY DATA: IP: -0.3%; Manufacturing: -0.8%/Imports: +0.1%; Nonfuel: +0.3%; Exports: +0.2%; Farm: -0.5%
IN A NUTSHELL: “The current economic slowdown, that hopefully can be blamed on the weather, is widespread.”
WHAT IT MEANS: January can be a cruel month and this year it is especially so. Job gains were mediocre, unemployment claims are above where we would like to see them, retail sales were pathetic and not surprisingly, manufacturers reacted by cutting back production sharply. Industrial production was off moderately in January but only because utilities had to produce massive amounts to heat our homes, offices and plants. Manufacturing output tanked as fifteen of the nineteen industry groups posted declines.
When the 2014 Farmers’ Almanac came out in August, it predicted this winter would be bitterly cold with significant snowfalls.
On Thursday, AccuWeather released its long-range winter forecast, calling for winter to get off to a slow start in the East in terms of cold temperatures and snowfall.
“Winter will begin mildly, with a long duration of above-normal temperatures,” AccuWeather predicted. “One snow system and some chilly air could come at times during November, however.
“Temperatures will fall in the latter part of the season, likely the beginning of January, allowing snow to fall along the I-95 corridor.”
Strong jobs and factory data have eased worries U.S. economic growth could slow sharply, but tensions between Western nations and Iran still threaten to hand the economy a repeat of 2011 when a spike in energy prices hit the recovery hard.
Wawa stores are offering any size Wawa coffee for $1.00, the entire month of January. So if you live near Wawa and like coffee, you might want to include them in your daily routine this month!
Gotta take advantage of those savings when we can!