Empire Manufacturing Drops

From the NY Fed…

Empire State Manufacturing Survey

Full PDF report here.

empire manufacturing

New Orders is a key component, obviously, as that is where future business comes from.

new orders

The stock market saw the report and went down.  Then the stock market thought, in its amalgamation of bits and brain cells, ‘hmmm, the Fed might not hike in September…’ and the helium was released.

Welcome to Summer trading 2015.

The US is not about manufacturing right now.  That was the early end of the expansion.  We are on the later end of a rather tepid expansion now.