(Bloomberg) U.S. manufacturing expanded at a faster pace in May, propelled by stronger orders growth that underscores sustained, robust demand.
A measure of factory activity rose to 61.2 from 60.7 a month earlier, according to data released Tuesday by the Institute for Supply Management.
President Joe Biden has ordered the Financial Stability Oversight Council to prepare a report on how the financial system can mitigate the risks related to climate change. The Financial Stability Oversight Council was created through the Dodd-Frank financial regulatory reform act and is supposed to identify and monitor excessive risk to the financial system. The council is composed of the heads of the major federal financial regulatory agencies, including the Federal Reserve.
Federal Reserve Chair Jerome Powell is no doubt pleased with Biden’s order. Powell has been pushing for the Fed to join other central banks in fighting climate change. Among the ways the Fed could try to mitigate the risks related to climate change is by using its regulatory authority to “encourage” banks to lend to “green” businesses and deny capital to “polluters.” The Fed could also use “quantitative easing” to give green industries an advantage over their non-green competitors. Another way
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ISM Manufacturing Index for May. The consensus is for the ISM to be at 61.0, up from 60.7 in April. The employment index was at 55.1% in April, and the new orders index was at 64.3%.
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Dallas Fed Survey of Manufacturing Activity for May. This is the last of the regional surveys for May.
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Light vehicle sales for May. The consensus is for light vehicle sales to be 18.0 million SAAR in May, down from 18.5 million in April (Seasonally Adjusted Annual Rate).
Wards Auto is forecasting a decline in sales to 16.5 million SAAR.
This graph shows light vehicle sales since the BEA started keeping data in 1967. The dashed line is the sales rate for last month.