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Is the manufacturing sector telling us something?
Earlier in the week, the US began releasing its assessment of the manufacturing sector for May by publishing the first of its regional manufacturing outlooks gauges: The NY Empire State Manufacturing Index and the Philadelphia Fed Manufacturing Index. The former was much worse than expected, with a headline print of -11.6 vs an expectation of 17 and an April reading of 24.6! The prices paid component fell to 73.7 vs 86.4 last. The more closely watched Philly Fed Manufacturing Index headline print for May was 2.6 vs an expectation of 16 and an April reading of 17.6. The prices paid component also fell, from 84.6 to ... (full story)