Monday, June 16, 2008
Empire State Manufacturing
The general business conditions index fell 5 points, to -8.7. The indexes for new orders, shipments, and unfilled orders were negative and lower than their May levels. The prices paid index remained elevated, falling only slightly below last month’s record high. The prices received index rose markedly and, at 26.7, approached a record level; the future prices received index also rose sharply, reaching a record high of 47.7. Employment indexes hovered around zero.
Overall some mfrg sectors are gaining even while others are declining. The US is getting more competitive in some areas.
I believe that the US economy is shifting into a lower gear this summer, but still has more stability than many others. A lot depends on domestic policy and international events, so there is a zone of uncertaintly ahead.
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