Photo: via Zagat
Update:So much for that great run of improving data.
At least this number is still pretty mediocre.
Analysts had expected a reading of -4.0 from the Empire Fed Manufacturing Survey. Instead it came in at -8.48, virtually the exact same as last month.
These kinds of surveys are notoriously hard to predict, so one number doesn’t mean very much, but the market might have had some hopes of a big “beat.”
Here’s the general chart, from the report:
The one piece of big news: The jobs number improved.
The Empire State Manufacturing Survey indicates that conditions for New York manufacturers continued to deteriorate in October. The general business conditions index remained negative and, at -8.5, was little changed. The new orders index hovered around zero, indicating that orders were flat, while the shipments index rose above zero to 5.3. The inventories index stayed below zero, a sign that inventories declined. The indexes for both prices paid and prices received fell, but remained positive, suggesting that price increases moderated. The index for number of employees rose several points but was at a relatively low level of 3.4, while the average workweek index was negative for a fifth consecutive month. The future general business conditions index dropped six points to 6.7, its lowest level since early 2009, while future indexes for prices paid and prices received declined.
Original post: And the first of the big regional Fed manufacturing surveys is coming out.
Analysts expect the Empire Fed survey to clock in at -4.0, which is an improvement form the -8.82 from the month before.
We’ll have it here LIVE at 8:30.