At 6.90, Empire State Manufacturing missed expectations of 8.00 (and dropped from the previous 6.9 print) for the 2nd weakest print in 11 months. While New Orders tumbled back into the red (and 16-month lows), average workweek and number of employees rose markedly (making this survey once again seem a total farce). "Hope" for the future improved (though remains lower than most of the last year's prints) but new order expectations, tech spend, and capex all plunged.
New Orders tumbled to 16 month lows...
But jobs are up?
The prices paid index edged down two points to 12.4, signaling a moderate increase in input prices for a sixth consecutive month. The prices received index climbed five points to 8.3, indicating a modest increase in selling prices. The index for number of employees climbed eight points to 18.6, pointing to significant gains in employment, and the average workweek rose six points to 5.2, indicating a small increase in the average workweek.
But expectations for almost everythingb are dismal...
As in February, indexes for the six-month outlook conveyed less optimism than in many of the preceding months. After plunging last month, the index for future general business conditions rose five points to 30.7, remaining well below readings that were generally above 40 from May 2014 through January 2015. The future new orders and shipments indexes declined. The future prices paid and future prices received indexes edged higher, but remained subdued. A significant expansion in employment levels was anticipated, with the index for expected number of employees rising to 28.9. After reaching a multiyear high last month, the capital expenditures index fell back to 18.6, and the technology spending index dropped to 7.2
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