NY Fed manufacturing index drops to lowest level since April 2009

Discussion in 'Economy' started by Trajan, Sep 17, 2012.

  1. Trajan
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    Trajan conscientia mille testes

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    apparently NY State is something of a nationwide bellwether. last month we lost 15K manuf. jobs, so this doesn't appear to bode well. QE 3 won't change this paradigm, theres a global slump on as well, growth anywhere is hard to come by.






    Factory activity in New York state contracted for a second month in a row in September, falling to its lowest level in nearly 3-1/2 years as new orders shrank further, a report from the New York Federal Reserve showed on Monday.

    The New York Fed’s “Empire State” general business conditions index dropped to minus 10.41, from minus 5.85 in August, frustrating economists’ forecasts for an improvement to minus 2, according to a Reuters poll. It was the lowest level since April 2009.

    The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions. The sector contracted in August for the first time in 10 months.

    snip-

    Employment gauges deteriorated. The index for the number of employees fell to 4.26 from 16.47 and the average employee workweek index slipped to minus 1.06 from 3.53.

    more at-
    NY Fed manufacturing contracts in Sept, lowest in 3-1/2 years | Reuters

    hat tip-Hot Air
     
  2. iamwhatiseem
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    iamwhatiseem Gold Member

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    Midwest is lowest since 2009 also...just read that last Friday.
    But hey - the banks are happy they are getting QE3 - so everything will be fine again.


    Not.
     
  3. EdwardBaiamonte
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    EdwardBaiamonte Gold Member

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    Why not just eliminate taxes on business so liberal government won't be a total drag on our economy??????????
     

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