ACTV - No New Orders And No Spending In The Empire State

2024-05-15 14:30:00 ET

Summary

• The Empire State Manufacturing Survey's headline reading came in at -15.6.
• That miss relative to forecasts means the indicator has been weaker than expected three months in a row.
• The negative reading in the headline index indicates a contraction in the Northeast's manufacturing economy that came with weak breadth among the report's categories.

Among this morning's data releases was another weak NY Fed manufacturing report. The Empire State Manufacturing Survey's headline reading came in at -15.6. That compares to -14.3 for April and expectations of an improvement to -10. That miss relative to forecasts means the indicator has been weaker than expected three months in a row. The last streak of weaker-than-expected readings that lasted as long was in the first quarter of 2022....

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