New York Manufacturing survey shows deterioration in business conditions for manufacturers

Via NY Fed:

The Empire State Manufacturing Survey indicates that conditions seriously deteriorated for New York State manufacturers. For the first time since deep in the recession, mid-2009, the general business conditions index fell below zero, declining 27 points to -11.1. New orders index plummeted 37 points to -24.4, and the shipments index also fell below zero. The indexes for both prices paid and prices received declined, with the latter falling into negative territory.

Future indexes generally climbed, suggesting that conditions were expected to improve in the months ahead, although the capital spending and technology spending indexes inched lower.

The employment index continues to show strength, at plus 9.09, as do readings on the six-month outlook. But as an indication for November's manufacturing data on the national level, this report points to trouble. Watch for trouble in Thursday's Philadelphia Fed report, a report that has been trending significantly lower than Empire State.


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