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But the major railroads hauled slightly fewer containers than a year ago and 11% fewer containers than four years earlier. The strong growth in manufacturing activity between the middle of 2020 and middle of 2022 was a rebound following the disruption caused by the first wave of the coronavirus pandemic and associated lockdowns. Since then spending has rotated back towards services and there has been little if any expansion in the manufacturing sector. Chartbook: U.S. manufacturing activityLack of growth is evident in industrial energy consumption. Three-quarters of all distillate fuel oils such as diesel are consumed in freight and manufacturing, according to data from the Energy Information Administration.

Persons: Andrew Kelly, Jobs, John Kemp, Jonathan Oatis Organizations: REUTERS, Federal Reserve, Bureau of Labor Statistics, Energy Information Administration, Thomson, Reuters Locations: IceStone, New York City , New York, U.S, Europe, China, doldrums

Strikes at car and truck plants are likely to have a widespread impact on manufacturing activity given their large supply chains. Energy consumption by industrial users steadied over the third quarter, which was consistent with the worst of the manufacturing downturn being over. The stabilisation of both diesel and industrial electricity sales in the summer was consistent with manufacturing activity steadying ahead of a renewed expansion. Because the industrial downturn has been long but shallow, distillate inventories remain well below the long-term seasonal average. Return to expansion would likely cause diesel stocks to deplete rapidly and put upward pressure on industrial prices quickly.

Persons: Andrew Kelly, John Kemp, Louise Heavens Organizations: REUTERS, Institute, Supply, Federal Reserve, Global, U.S, Thomson, Reuters Locations: IceStone, New York City , New York, U.S, Chartbook

Chartbook: U.S. manufacturing and energy useIndustrial electricity use and distillate fuel oil consumption are both correlated with the manufacturing and freight cycle and therefore with the purchasing managers index. Distillate fuel oil consumption fell by 1.0% in the three months from April through June compared with the same period a year earlier. The strength of domestic distillate consumption helps explain why fuel oil inventories have remained well below the prior ten-year seasonal average. Resilient electricity and diesel consumption, and the correspondingly low levels of spare generating capacity and distillate inventories, imply the energy system is operating close to its maximum capacity. Related columns:- U.S. diesel prices surge anticipating a soft landing (August 11, 2023)- U.S. manufacturing slowdown fails to rebuild diesel stocks (August 2, 2023)- Depleted U.S. diesel stocks attract hedge funds (July 20, 2023)- U.S. manufacturing slowdown cools energy prices (July 4, 2023)John Kemp is a Reuters market analyst.

Persons: Andrew Kelly, John Kemp Organizations: REUTERS, Institute, Supply, U.S . Energy Information Administration, EIA, U.S, Thomson, Reuters Locations: IceStone, New York City , New York, U.S

☆ Morning bid: No safety net?
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +4 min

"I just think we need to keep going," Cleveland Fed President Loretta Mester said. And many forecasters are now wary the Fed will err on the side of tighter policy to ensure inflation is slayed. Markets wobbled on the prospect on Wednesday, with the S&P500 (.SPX) staging its biggest decline of the year so far. At 3.32%, 10-year U.S. Treasury yields fell to their lowest since September. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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