Details of the US Empire state manufacturing index data report 15 June 2016
- Prior 3.09
- New orders -2.12 vs +3.85 prior
- Employment 8.65 vs 5.21 prior
- Prices paid 9.62 vs 9.38 prior
- Prices rec'd 0.96 v 1.04 prior
- 6m expectations 25.84 vs 29.81 prior
The Empire state index is the first of the new month and is used as an early gauge for the main national manufacturing numbers. This report is bad and the dollar has reacted accordingly by dropping to 123.32 from 123.47
Current conditions are at the lowest since Jan 2013 and the expectations index at the lowest since Feb. Perhaps the most worrying is that inventories have been and are expected to be drawn down significantly. Current inventories fell to 1.92 from 7.29 prior while expectations are -17.1 vs +3.13 in May. While rising inventories are often seen as a sign of a lack of sales activity, a big draw down can also suggest that manufacturers don't see strong demand coming
Empire state manufacturing
