Industrial Activity - February 2011
The Southeast Purchasing Managers Index (PMI) for January indicated that the manufacturing sector grew at a faster pace across the Sixth District.
The Southeast PMI, produced by the Kennesaw State University Econometric Center in conjunction with the Atlanta Fed, gained 2.5 index points in January. The index indicates that the Sixth District's manufacturing sector is expanding at a faster pace.
The truck tonnage index for January was 7.3 percent higher than a year earlier. The ATA Trucking Index added 4.4 points.
The value of imports and exports passing through Sixth District ports declined from October to November, with exports falling faster than imports.
- According to the U.S. Census Bureau, on a year-over-year basis, the value of regional exports and imports for December 2010 increased 24.3 percent and 18.2 percent, respectively.
- Levels of exports increased faster than imports in December.
Gulf Coast crude oil inventories rose from their seasonal lows in early January, as stocks rebuild at the start of the year.
After reaching a seasonal low in early January, Gulf Coast crude oil inventories rose 10 percent between January 6 and February 10, according to the U.S. Energy Information Administration (EIA). This rise is a typical seasonal pattern as inventories begin to rebuild at the start of the year.
- Inventories have averaged 168 million barrels during the five weeks ending February 10, around the middle of their average range for this time of year.
According to the EIA, crude oil production in the Sixth District continued to decline in January and early February.
- District states produced an average of 1.6 million barrels of crude oil per day thus far in 2011, slightly above the 2010 average.
- According to the EIA's February short-term outlook, national crude oil production, which averaged 5.51 million barrels per day in 2010, will decline by 50,000 barrels per day in 2011. Gulf of Mexico crude oil production is expected to decline by 250,000 barrels per day each year over the next two years, but this decline will be offset partially by increases elsewhere in the country in 2011 and 2012.