Economic Indicators

U.S. industrial production decreased 0.5% in April 2009 after falling 1.7% in March 2009.  At 97.1% of the 2002 average, April's industrial output was 12.5% below that of April 2008. 

The Purchasing Manager's Index (PMI) increased in April 2009 to 40.1 from 36.3 in March but the only manufacturing industry reporting growth was miscellaneous manufacturing.  Industries reporting contraction, in order, included primary metals; petroleum and coal products; fabricated metal products; and transportation equipment.  A PMI of less than 50 indicates that the manufacturing economy is softening. 

The Consumer Confidence Index reached an annual high in April 2009 of 39.2, up from 26.9 in March 2009.  The current results are an indication that consumers may be beginning to have a more optimistic view on business conditions, employment and earnings. 

New orders for manufactured durable goods increased 1.7% in April 2008 to $160.9 billion.  Shipments decreased 0.4% to $173.8 billion while inventories declined 0.9% to $326.5 billion, the fourth consectuive monthly decline.

Gross domestic product (GDP) decreased 6.1% in the first quarter of 2009 after decreasing 6.3% in the fourth quarter of 2008.  The current decline reflects negative contributions from exports, private inventory investments, equipment and software, and residential fixed investment.

The chemical and allied products producer price index continued a downward trend in January based on lower natural gas and petroleum feedstock costs, dropping to 228.5 from 230.9 in December 2008.  The index has fallen approximately 13% since the August 2008 peak of 263.3.