The NY Fed Empire Manufacturing Index goes Thelma and Louise…
The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, plummeted 42.4 points to negative 31.3 in August, the regional Fed bank said Monday.
This is the second largest monthly decline on record and among the lowest levels in the survey’s history, the regional Fed bank said.
Economists had expected a reading of 5.0, according to a survey by The Wall Street Journal.
Any reading below zero indicates deteriorating conditions.
Key details: The index for new orders dropped 35.8 points to negative 29.6 in August.
The shipments index fell 49.4 points to negative 24.1.
Unfilled orders fell for the third straight month.
Labor market conditions weakened. The prices-paid index fell 9 points to 55.5, its lowest level in over a year.
In addition, manufacturers were not optimistic about the six-month outlook.
I’m sure this is in error and the author was referencing China.
Isn t it amazing how Trump is such an evil genius that he managed to make the economy crash 2 years after he was gone just to make Democrats look bad? ( of course I am kidding )
Not at all – Trump made it BAD, VERY BAD! The Democrats are fixing all Trump’s eeevil and making it all look GOOD!!!
(Of course I am kidding too…)
And what did you think a recession looked like?
So according to moderner modern economics, negative is better than zero I suppose…
They’ll be changing the definition of “zero” later this week.
Everyone’s FIXED life costs are going up UP UPPP!! Everyone is facing energy poverty both in their car and at home. Taxes and fees are up. Inflation is taking huge chunks of incomes. There’s no money left over for consumer products of any sort. All according to the Marxists plans … disguised as “green” something or other … it’s SICK … it’s really SICK. We’re all gonna be as poor as a homeless man camping out in Santa Monica.