The Empire State Manufacturing survey is bad
Here is the report (PDF) from the New York Fed.
Let’s just take a visual journey down the road to disinflation/deflation and economic contraction.
The Empire State Manufacturing survey is in contraction.
Here are the pictures showing new orders and inventories sagging. That is a bad combination. Prices paid by manufacturers declining and so too their prices received. So much for “cost-push” inflation in manufacturing. Employment is also dropping. Not good folks, and FOMC is on deck next week. Should be interesting.
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