• Prior 10.16
  • Employment 8.33 vs 8.51 prior
  • New orders -1.97 vs +9.14 prior
  • Prices paid 10.42 vs 10.64 Prior
  • 6 month expectations 38.58 vs 47.61 prior

That’s the lowest since Jan 2013.

Not a lot to like in the report with new orders and expectations taking a dive too. The average employee work week fell also to -11.46 vs -7.45 prior. The only slight upside to the data was that prices received rose to 6.25 from zero in Nov.

USD/JPY doesn’t like the numbers so far as it falls to 118.65 from 118.83

Another key point is that inventories were -11.46 vs zero in Nov and had we seen a large inventory build it might have meant similar across the board and would put some pressure on Q4 numbers. It might just be year end run down though so we’ll look for confirmation in the rest of the months data.

US Empire state manufacturing index 15 12 2014

US Empire state manufacturing index 15 12 2014