| User Info
| August Empire State Manufacturing Index in at -5.85 in forum [NotSoBreaking]
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Argos
Posts: 6442
Incept: 2008-03-23
The Green Mountain State
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Econoday was expecting a reading of +7.00.
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Jubber
Posts: 14607
Incept: 2007-07-05
UK
Online
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and we are rallying...
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“The problem with socialism is that, sooner or later, you run out of other people’s money.” Thatcher
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Argos
Posts: 6442
Incept: 2008-03-23
The Green Mountain State
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FRBNY Release: http://www.ny.frb.org/survey/empire/empi....Quote:
The August Empire State Manufacturing Survey indicates that conditions for New York manufacturers deteriorated over the month. The general business conditions index slipped below zero for the first time since October 2011, falling thirteen points to -5.9. At -5.5, the new orders index was below zero for a second consecutive month, and the shipments index fell six points to 4.1. The prices paid index climbed nine points to 16.5, pointing to a pickup in the pace of increase in input prices, while the prices received index hovered just above zero for a third consecutive month. The index for number of employees inched lower, but remained positive at 16.5, suggesting a moderate increase in employment levels, and the average workweek index rose to 3.5. Indexes for the six-month outlook were generally positive but lower than in July, indicating that respondents expected business conditions to improve little in the months ahead.
In a series of supplementary questions, manufacturers were asked about modifications to 2012 hiring and capital spending—both year-to-date changes and revisions planned for the rest of the year. Substantially more firms (roughly twice as many) made downward than upward revisions in their plans for the second half of the year. As for actual spending year-to-date, modest downward adjustments were made, on balance. When asked about negative influences on 2012 hiring and capital spending plans, a majority of respondents cited increased uncertainty about business prospects.
Business Conditions Deteriorate
In August, the general business conditions index fell thirteen points to -5.9, slipping below zero for the first time since October of 2011—a sign that activity declined for New York manufacturers over the month. Twenty-two percent of respondents reported that conditions had improved, while 28 percent reported that conditions had worsened. The new orders index fell three points to -5.5, its second consecutive reading below zero, pointing to a small decline in orders. The shipments index fell six points to 4.1, and the unfilled orders index inched higher but remained negative at -10.6. The delivery time index fell six points to -7.1, indicating that delivery times were shorter, and the inventories index declined eight points to -8.3, suggesting a modest decline in inventory levels.
Input Prices Accelerate, Employment Continues to Pick Up
After recording a cumulative forty-three point decline during the March-July period, the prices paid index rose nine points in August, to 16.5, suggesting a pickup in the growth rate of input prices. The prices received index was little changed at 2.4, pointing to a slight increase in selling prices. The index for number of employees remained positive, though it was down slightly, and at 16.5, pointed to a moderate increase in employment levels over the month. The average workweek index inched up to 3.5, indicating a slightly longer workweek for the average worker.
Optimism Continues to Wane
Indexes for the six-month outlook were generally lower than last month and indicated a continued decline in optimism about future conditions. The future general business activity index fell for a seventh consecutive month, dropping five points to 15.2. The future new orders index fell eleven points to 2.4, and the future shipments index declined seven points to 8.3. The future prices paid index fell to 31.8, its lowest level in more than a year, and the future prices received index inched down to 14.1. The index for expected number of employees fell to 3.5, suggesting that employment levels were expected to be only slightly higher in the months ahead, and the future average workweek index was -8.2. The capital expenditures index fell seven points to 12.9, and the technology spending index fell thirteen points to 5.9.
FRBNY Full Write-Up (.pdf): http://www.ny.frb.org/survey/empire/empi.... |
Muscleknight
Posts: 4008
Incept: 2007-06-26
Columbia, SC
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More fodder for QE-III.
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Kylafoon
Posts: 2472
Incept: 2009-02-05
Zombie Portal Lookout
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Casinos opened at 9:30 AM EST.
Who TF needs manufacturing?
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"...But whenever we see things done wildly, but taken tamely, then the State is growing insane..." - Gilbert Keith Chesterton 1910
"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008
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Pika-steph
Posts: 54911
Incept: 2007-09-11
Live Free Or Die; US Army Est. 1775
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Quote:More fodder for QE-III. So, they hope; yet I see little evidence that the market players are at all confident anymore.
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Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org/ "The only regulation that really works is failure."--Rick Santelli
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