Just announced: A strong Empire fed report.
The regional manufacturing survey came in at 13.48, well ahead of last month’s revised 8.19, and nicely above expectations of 11.00.
It’s just one regional survey, but anything that confirms the trend of generally positive data is obviously good news.
The full announcement can be found here.
Here’s the basic chart.
Photo: New York Fed
This is the good news on jobs…
On a series of supplementary survey questions, 51 per cent of respondents indicated that they expect their workforces to increase over the next six to twelve months, while just 9 per cent predicted declines in the total number of workers—results noticeably more positive than in the June 2011 survey. The current results were slightly more positive for larger establishments (150 or more employees) than for smaller ones. High expected sales growth was widely deemed to be the most important factor among those who planned to add workers. When asked about anticipated changes in wages per worker, 80 per cent of respondents indicated that wages would increase by less than 5 per cent and almost all of the remaining 20 per cent said wages would stay about the same. When asked about changes in benefits per worker, however, a sizable proportion, 37 per cent, estimated that increases would exceed 5 per cent.