From the New York Fed: “The September 2015 Empire State Manufacturing Survey indicates that business activity declined for a second consecutive month for New York manufacturers.”
Full PDF report here
Some notables from the report…
A Zero Hedge post headline equates this to a coming recession. In normal economies that is the case and in the US economy perhaps it is too (ref. NFTRH 360 excerpt “No Recession, But…”). But a couple points of consideration…
- This is a highly financialized economy and…
- As we note each month post-Payrolls, the strong dollar-fueled consumer economy is doing all the economic lifting right now. i.e. manufacturing weakness, which we were the first that I know of to note, has not yet bled over to the bloated services sectors.
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