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UPDATE: The Empire Fed manufacturing index fell to -10.41 versus expectations of a -2.00 reading and a prior reading last month of -5.85.New orders tumbled to -14.0 from -5.0 last month.
Shipments were flat at 2.8.
Prices paid rose to 19.2 from 16.5 last month.
Prices received also rose to 5.3 from last month’s reading of 2.4.
The employment index dropped more than 12 points to 4.3 (this year’s lowest reading so far).
A major bright spot was the six-month outlook from manufacturing executives – that reading rose to 27.2 from 15.2 last month, indicating improving sentiment toward general business conditions.
Here is a chart showing the latest collapse in the index (orange line) and the rise in future expectations (blue line):
ORIGINAL: The first big datapoint of the week is out in a few minutes: the Empire Fed Manufacturing Report.
Economists polled by Bloomberg forecast the key business activity index will rebound to -2.00 from its August reading of -5.85.
A reading above zero indicates expansion.
We will have the release here LIVE at 8:30 AM ET.
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