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发帖数: 29846 | 1 Minus Signs Sweep Empire State Manufacturing Region, Index Contracts Third
Month
Empire State Manufacturing Index Contracts Third Month
A pair of Fed regional manufacturing reports came out this morning. Both
show contraction. The Empire State Index came in at -11.36, worse than any
economist's estimate. The Econoday Consensus Estimate was -7 and the range
was -5 to -10.
Minus signs sweep the Empire State report with the headline at minus 11.
36 which is more than 1 point below Econoday's low end estimate. Looking at
individual readings, new orders are in very deep trouble at minus 18.92 for
a fifth straight month of contraction. And manufacturers in the region are
not going to be able to turn to unfilled orders to keep busy with this
reading extending a long string of contraction at minus 15.09 in September.
Lack of orders is showing up in shipments, which are at minus 13.61 for
a third straight contraction, and in employment which is in a second month
of contraction at minus 8.49. The workweek is down and delivery times are
shortening, both consistent with weakening conditions. Price data show a
second month of contraction for finished goods, which is another negative
signal, and a narrowing and only marginal rise for prices of raw materials.
Empire State Manufacturing Report
Diving into Empire State Manufacturing Report details we see "new orders,
shipments, and unfilled orders all declined at a steeper pace than last
month. Price indexes suggested that input prices held steady, while selling
prices declined at the fastest pace since 2009. Labor market indicators
pointed to a continued decline in employment levels and hours worked." | T*********I
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