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SMLL - Regional Fed Manufacturing Surveys Plunge Again In April
Direxion Daily Small Cap Bull 2X Shares
By Robert Hughes
The Empire State Manufacturing Survey from the New York Federal Reserve shows general business conditions deteriorated sharply again in April with the index posting a record 56.7-point drop to a -78.2 percent reading versus -21.5 in March. That is the lowest result on record since the survey began in 2001 (see chart).
Among the key components, the new orders index sank 57.0 points to -66.3 while the shipments index was -68.1 percent in April, down from -1.7 in March, a drop of 66.4 points.