Empire State Manufacturing Survey Tanks................ A MUST READ

 

The Empire State Manufacturing Index was rekeased Monday morning, and the number — along with most of the underlying components — simply tanked.

 

Empire State Manufacturing Survey:

The Empire State Manufacturing Survey indicates that conditions deteriorated in November for New York State manufacturers. For the first time since mid-2009, the general business conditions index fell below zero, declining 27 points to -11.1. The new orders index plummeted 37 points to -24.4, and the shipments index also fell below zero. The indexes for both prices paid and prices received declined, with the latter falling into negative territory.

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 A veritable trifecta of bad news — poor headline, crappy new orders and shipments, and disinflation/deflation in prices paid and received. Astute students of the economy will note that in "mid-2009″ we were emerging from recession. We'll see what we get out of Philly on Thursday morning, but the news out of NY is clearly not good.