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Empire State Manufacturing Survey Turns Negative: Welcome News?

mishtalk.com / Mike “Mish” Shedlock / May 15, 2017

The Empire State Manufacturing Survey kicks off the list of regional surveys by the Fed.

The Empire State report turned in a composite reading of -1.0 vs an Econoday consensus expectation of 8.0.

Econoday calls this welcome news.

Activity in the New York manufacturing region is flattening out this month following a run of unusually strong growth. May’s Empire State index came in at a lower-than-expected minus 1.0 with new orders also moving into the negative column to minus 4.4. Unfilled orders, which were very strong in April and March, also moved below zero to minus 3.7.

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