There goes the dollar!
Empire State Manufacturing Survey
Business activity took a sharp turn downward in New York State, according to firms responding to the June 2019 Empire State Manufacturing Survey. The headline general business conditions index plummeted twenty-six points, its largest monthly decline on record, to -8.6. New orders receded, while shipments increased modestly. Unfilled orders fell, and delivery times and inventories moved slightly lower. Labor market indicators pointed to small declines in employment and hours worked. The pace of input price increases was little changed, while selling price increases slowed. Indexes assessing the six-month outlook ... (full story)
Added at 8:41am
Empire State manufacturing index posts largest-ever drop into negative territory in June
The New York Fed’s Empire State business conditions index took a sharp turn for the worse in June, falling into negative territory for the first time in more than two years. The Empire State manufacturing index plummeted 26.4 points to negative 8.6 in June, the New York Fed said Monday. That’s a record decline. Economists had expected a reading of positive 10, according to a survey by Econoday. Any reading below zero indicates a contraction in activity. The last time the index was negative was in October 2016. What happened: There was broad-based weakness in the report. A key metric, the new-orders index, sank ... (full story)