Steven Wood Sector Quotations

Manufacturing is still mired in a deep recession, although the rate of decline may be slowing. The rapid adjustment in reducing inventories will eventually slow and ultimately reverse, giving the factory sector a lift.

Manufacturing is still mired in a deep recession. Although vehicle production has stepped up to try to maintain a low-cost financing induced sales explosion, the rest of the industrial sector is hurting badly.

While the auto sector appears to have corrected its inventory overhang, other sectors have not been nearly as successful, particularly high tech, ... As business sales slow, it will be even more difficult to bring inventories into line.

There is clear and strong evidence that the factory sector is expanding solidly,

While the housing sector is slowing, almost all of its weakness will be offset by the improving factory sector, ... More interest rate hikes will be necessary to slow the economy sufficiently to alleviate the Fed's fears of building inflationary pressures.

The signals in the manufacturing sector have become quite mixed. The diffusion indices suggest a slowing pace of growth while the factory and durable goods reports indicate an acceleration. In the past, when this type of divergence has occurred, the diffusion indices have usually been the better indicator.

These data continue to confirm that the manufacturing sector is in recession.

These data suggest that the manufacturing sector continues to bleed. Lower interest rates, fiscal stimulus and declining energy costs have not yet made any difference to this part of the economy.

The Sept. 11 terrorist attacks seem to have had little impact on the factory sector so far. However, many industries have already reported further production cuts as demand has waned. A more substantial contraction is expected next month.

With still strong domestic demand and improving international demand, the factory sector is continuing to recover from the sluggishness that resulted from the Asian economic crisis.

Although manufacturing activity is still expanding, momentum in the manufacturing sector has clearly faded. This report confirms that the FOMC was correct in pausing their tightening cycle at last week's meeting.

Higher interest rates have been weathered by home buyers through the use of adept home financing techniques. Nevertheless, the resilience in the housing sector will support further monetary tightening by the Fed.

The manufacturing sector continues to grow at a moderate pace but with less strength than in the prior couple of months.