Empire State dips back into the doghouse
Major U.S. indexes lower; Nasdaq off most, down ~0.7%
Energy weakest S&P sector; Real Estate leads gainers
Euro STOXX 600 index off ~0.6%
Dollar edges red; bitcoin slips; crude slides >5%; gold up
U.S. 10-Year Treasury yield dips to ~4.04%
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EMPIRE STATE DIPS BACK INTO THE DOGHOUSE
September was fun while it lasted.
Manufacturing activity in New York State unexpectedly dipped back into contraction this month after its first month basking in expansion territory since November 2023.
The Federal Reserve bank of New York's Empire State manufacturing index USEMPM=ECI landed at -11.90, a reversal of September's sunny 11.50 reading and considerably more dire than the reading of 3.85 analysts suggested.
An Empire State number below zero indicates contraction.
According to The NY Fed's press release: "New orders fell, and shipments edged lower. Delivery times were slightly shorter, while supply availability deteriorated somewhat. Inventories shrank. Labor market conditions improved, with a small increase in both employment and the average workweek for the first time in a year."
And while prices paid - an inflation predictor - heated up a smidgeon, there were shoots of green in the report:
"Though firms reported that activity declined overall this month, optimism about the outlook grew strongly," the release says. "The index for future business activity moved up eight points to 38.7, a multi-year high."
A more complete picture of Atlantic region manufacturing will be provided by the Philly Fed manufacturing index, expected this Thursday.
Consensus calls for a modestly expansive reading of 3.0.
(Stephen
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CONSUMERS AND SOFTWARE TO GAIN FROM CHINESE STIMULUS - CLICK HERE
FOMO IS COMING BACK - CLICK HERE
CRUDE DROP DRIVES PRICE ACTION - CLICK HERE
EUROPEAN FUTURES INCH HIGHER - CLICK HERE
NVIDIA MAKES NEW PUSH FOR APPLE'S MANTLE - CLICK HERE
Empire State https://reut.rs/4f5j8Xj
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