ECONODAY: Slowing into the New Year is the theme from the Empire State index, coming in at 3.9 to indicate the lowest rate of growth since May 2017. Any readings over zero indicate monthly growth and at 3.5 new orders are not showing much strength while backlog orders are in contraction at minus 7.6. But shipments continue to move out the door at a strong 17.9 and the report's sample continues to hire with employment at 7.4. And, despite the slowing in orders, price pressures persist with input costs at an elevated 35.9 and selling prices steady at 13.1. The nation's manufacturing sector is suddenly having a bumpy time and the reasons aren't clear. Watch Thursday for the Philly Fed report and the next indication on January's factory conditions....
Empire State Manufacturing - January 2019
ECONODAY: Slowing into the New Year is the theme from the Empire State index, coming in at 3.9 to indicate the lowest rate of growth since May 2017. Any readings over zero indicate monthly growth and at 3.5 new orders are not showing much strength while backlog orders are in contraction at minus 7.6. But shipments continue to move out the door at a strong 17.9 and the report's sample continues to hire with employment at 7.4. And, despite the slowing in orders, price pressures persist with input costs at an elevated 35.9 and selling prices steady at 13.1. The nation's manufacturing sector is suddenly having a bumpy time and the reasons aren't clear. Watch Thursday for the Philly Fed report and the next indication on January's factory conditions....