NY Manufacturing Report Shows US Factories Weakness

September 15, 2016 Share Print 0

Manufacturing in New York state remained weak in September as factories reported fewer new orders, lower shipments and reduced staffing levels.

A separate report on the September Philadelphia Fed Business Index came in at a much-higher-than-expected 12.8, up from a 2.0 reading a month earlier. Economists had expected a flat reading for the month.
The Federal Reserve Bank of New York says that its Empire State index ticked up to a reading of minus 2, from minus 4.2 in August. Still, any reading below zero signals contraction.

Other measures fared much worse. A gauge of new orders dropped to minus 7.5 from 1, and a measure of shipments plummeted to minus 9.4 to 9. An employment index fell sharply to minus 14.3 from minus 1.

The report suggests manufacturers are still struggling with the dollar’s sharp rise in the last 18 months and ongoing caution from businesses, which have been reluctant to invest in machinery and other large equipment.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.