SIJ - Empire Fed Goes From One End To The Other

• The New York Fed’s Empire State Manufacturing survey’s headline index dropped from a solid reading of 24.6 last month down to -11.6 in May.
• Not only are General Business Conditions back into contractionary territory, but the double-digit negative reading sits in the bottom decile of all months on record going back to the start of the index in 2001. That compares to last month’s reading which was just shy of the top decile.
• Perhaps the only silver lining in this month’s report was in regard to employment. New York area firms accelerated both net hiring and the average workweek.

For further details see: