Manufacturing in New York contracts
A report from the Federal Reserve Bank of New York offers a glimpse of how weak the economy is. One expert sees hope.
Adding pressure to the markets today was a disappointing report on the manufacturing sector in the New York region.
The Empire State manufacturing index fell to a reading of negative 9.4 in June from negative 4.6 in May. Economists had expected a reading of negative 3. Readings below zero indicate contraction in the sector.
The report's measure of new orders rose to negative 8.2 from negative 9. A gauge of shipments fell to negative 4.8 from a positive reading of 1.3. The index of inventories decreased to minus 25.3 from minus 21.6.
At least one expert was optimistic, however.
"Overall, the decline in the headline index masked some important detail suggesting the outlook for manufacturing production in the New York Fed district has improved in the second quarter," David Resler, chief economist at Nomura Securities wrote clients this morning.
"That has reinforced hopes for an even better second half of 2009."
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[BRIEFING.COM] The S&P 500 and Dow continue to hold slim post-FOMC losses while the Nasdaq has returned to its earlier levels. In addition, the Dollar Index remains near its highs just above 81.10.
Today's FOMC statement was not much different from the last directive released on May 1. However, today's statement indicates inflation has been running below the longer-run objective while long-term inflation expectations remain stable.
The Fed will remain in focus for the ... More
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