This morning’s Empire State Manufacturing Survey was a big disappointment, with the headline number unexpectedly tumbling to -8.1. Economists were looking for improvement.
This comes after the collapse in the ISM manufacturing index.
Overall, the various regional Fed manufacturing indicators haven’t been looking good. Economists have been blaming uncertainty thanks to the fiscal cliff.
Bloomberg BRIEF economist Michael McDonough put together this chart of all of the major manufacturing indices. “U.S. manufacturing indices pointing toward U.S. slowdown,” tweeted McDonough.
As you can see, most of them are below 50 or negative, which signals contraction: