New York Empire State factory gauge plunges in August deep into contraction territory | The Markets Café
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
Friday, September 29, 2023
No Result
View All Result
Subscribe
  • Login
The Markets Café
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • VideosHOT
  • Community
  • Charts
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • VideosHOT
  • Community
  • Charts
No Result
View All Result
The Markets Café
No Result
View All Result
  • News
  • Politics
  • Markets
  • Crypto
  • Economy
  • Finance
  • Forex
  • Investing
  • Tech
  • Videos
  • Community
Home Economy

New York Empire State factory gauge plunges in August deep into contraction territory

by Press Room
August 15, 2022
in Economy
98 5
A A
0
21
SHARES
687
VIEWS
FacebookTwitter

The numbers: The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, plummeted 42.4 points to negative 31.3 in August, the regional Fed bank said Monday. 

This is the second largest monthly decline on record and among the lowest levels in the survey’s history, the regional Fed bank said.

Economists had expected a reading of 5.0, according to a survey by The Wall Street Journal. 

Any reading below zero indicates deteriorating conditions.

Key details: The index for new orders dropped 35.8 points to negative 29.6 in August.

The shipments index fell 49.4 points to negative 24.1.

Unfilled orders fell for the third straight month.

Labor market conditions weakened. The prices-paid index fell 9 points to 55.5, its lowest level in over a year.

In addition, manufacturers were not optimistic about the six-month outlook.

Big picture: Economists were expecting a small retreat in the factory index, not a rout. The U.S. manufacturing sector, which was a strength during the recovery from the pandemic, is facing a steep drop-off in new business.

The New York data, and a similar reading from the Philadelphia Fed, are seen as early indicators for the health of the factory sector in August.

The closely-watched Institute for Supply Management’s barometer of American factories fell to a two-year low of 52.8% in July.

What are they saying? “We caution to not take too much away from this report as it likely paints an excessively downbeat picture of manufacturing. We look for a soft economic rebound in the second half of 2022 to keep manufacturing growing in a low gear,” said Oren Klachkin, economist at Oxford Economics.

Market reaction: Stocks
DJIA,
+0.45%

SPX,
+0.40%
traded lower on Monday on soft data and China’s surprise cut in interest rates.

Read the full article here

Related Articles

Economy

Euro zone inflation fell to 4.3% in September, lowest level since October 2021

September 29, 2023
Economy

Psychotherapist shares the No. 1 rule highly successful people follow to be happier at work: ‘It’s non-negotiable’

September 29, 2023
Economy

When it’s OK to send food back to the kitchen—and when it’s not, from an ex-restaurant manager

September 29, 2023
Economy

31-year-old California teacher’s jobs give him ‘time,’ ‘freedom’ and $115,000 a year—here’s how he spends his money

September 29, 2023
Economy

U.S. readout excludes India-Canada rift as Blinken meets India’s top diplomat

September 29, 2023
Economy

Automakers grow frustrated over pace of UAW negotiations as new deadline looms

September 29, 2023

About Us

The Markets Café

The Markets Cafe is your one stope Finance, Politics and bussines news website, follow us to get the latest news and updates from around the world.

Sections

  • Commodities
  • Crypto Markets
  • Crypto News
  • DeFi
  • Economy
  • Explained
  • Finance
  • Forex
  • Futures
  • Investing
  • Markets
  • News
  • NFT
  • Politics
  • Real Estate
  • Stocks
  • Tech
  • Videos

Site Links

  • Contact
  • Advertise
  • DMCA
  • Submit Article
  • Forum
  • Site info
  • Newsletter

Newsletter

THE MOST IMPORTANT FINANCE NEWS AND EVENTS OF THE DAY

Subscribe to our mailing list to receives daily updates direct to your inbox!

  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

© 2022 The Markets Café - All rights reserved.

No Result
View All Result
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • Videos
  • Community
  • Charts

© 2022 The Markets Café - All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.