Highlights of the May Empire State Fed manufacturing index:

  • Prior was -1.19
  • New orders +3.85 vs -6.0 prior (the prior was lowest since Jan 2013)
  • Employment 5.21 vs 9.57 prior
  • Prices paid 9.38 vs 19.15 prior
  • Capex 15.63 vs 24.47 prior
  • Technology spending 1.04 vs 15.96 prior

The Empire Fed measures manufacturing in the New York area.

The headline was a touch soft but the rebound in new orders to positive territory is good news. Overall, it's a fractional miss but close enough that the dollar hasn't reacted.

I expect some volatility later on U Mich consumer sentiment.