Latest Economic Indicator Updates, Oxford Briefings, Webinar Recording Available

Multiple updates for our statistical programs are now available, including information NFPA’s Econ and Market Indicators (EMI) report, which has been updated for available March data. Also, Oxford’s Monthly IndustryBriefings  for April have been released and are available on the website. Additionally, the recording of NFPA’s May 9th Economic Update Webinar featuring Jim Meil of ACT Research.

Highlights between the three on a few industries focusing on the United States include the following:

  • Industrial Production 
    • Industrial Production, as noted by Jim Meil in the latest Economic Webinar, is trending flat at this time. Meil noted that while this isn’t an ideal scenario, it is better than a recession dive like in 2020 or 2008. US Industry, according to Oxford, has only grown by 0.4% m/m for two months in a row, further corroborating the plateau. On a brighter note: Oxford writes that, despite mixed responses, a common theme from regional surveys is that new orders and future expectations indices are increasing momentum.
  • Construction 
    • Total US housing declined in March by 14.7% m/m, further contributing to a stop and go beginning to 2024, according to Oxford. Total Construction Spending on Manufacturing in the United States grew only 0.2% m/m in March, as seen in the EMI report. Meil emphasized that Q1 behavior will reduce expectations for the rest of 2024 in the US construction equipment market.
  • Mining 
    • Meil’s insight into US Mining, Oilfield, and Gas Equipment was that the industry is lacking positive traction and investment which typically results from high oil prices. Instead, investors are looking for positive ROI over production currently, according to Meil. In the EMI report, the US Mining, Oilfield, and Gas Field Machinery Industrial Production declined 4.3% m/m in March 2024 and is slightly decreasing at -0.5% 12/12 Rate of change. Mild weather and high levels of gas in storage are reducing the likelihood of major price increases in the short term, according to Oxford.
  • Farming 
    • Industrial Production Farm Machinery and Equipment was down 3.4% m/m in March and down 3.3% y/y according to the EMI report. Meil notes that due to the oversaturated market and weak export prospects, US Farm Machinery has a tough year ahead of itself.

The Economic Market Indicator report can be accessed at this link: https://nfpahub.com/reports/econ-market-indicator/. An excel file with all the raw data is also available to download for internal analysis. Members can view individual series and apply different calculations such as moving averages and rates of change.

Oxford Monthly Industry Briefings can be accessed at this link: https://nfpahub.com/stats/reports-data/global-market-reports-forecasts/industry-briefings/

The most recent NFPA Economic Update Webinar featured Jim Meil of ACT Research. He has been recognized as a leading industrial sector economist and planner for over 30 years. Learn what to expect from several of our industry’s most popular customer markets, while also getting the answers you need to the short-term outlook for the fluid power industry. These insights and more are available to NFPA members in the archived recording of the webinar.

Questions? Contact Cecilia Bart at cbart@nfpa.com or 414-259-2027.

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