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   Brian Wesbury
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  Industrial production increased 0.8% in April
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Implications:  Manufacturing is booming right now.  Since the low in June 2009, manufacturing production is up at a 9.5% annual rate, which is faster growth than even during the tech boom of the late 1990s.  We expect rapid gains in production to continue.  First, inventory-to-sales ratios are at rock-bottom record lows in both the retail and wholesale sectors.  This means production has room to run higher than the pace of sales as companies try to re-stock shelves that are too bare.  Anecdotal reports are that shortages are particularly acute for big-ticket household items like washers and dryers.  Second, although up 21% versus last year, the pace of auto sales is still significantly below what's needed to keep up with scrappage rates and the rise in the driving-age population.  We expect next week's reports on manufacturing in New York State and the Philadelphia region to show continued rapid gains.

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Posted on Friday, May 14, 2010 @ 10:28 AM • Post Link Print this post Printer Friendly

These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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• Recent Plateau in Claims Not a Concern
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