| Empire State Mfg Survey | |||||||||||||||
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Highlights
New York manufacturing had been lagging other regions of the US, that is until this month with the index jumping to 12.51 from December's revised 2.22 to indicate significant month-to-month improvement in general business conditions. And the improvement includes new orders which are at 10.98 from December's minus 1.69. The gain here points to upcoming strength for shipments and other readings including employment. Employment is already on the rise, opening the year with a big jump to 12.20 from zero in December. Other readings include a big jump in prices paid, to 36.59 from 15.66 to indicate a significant increase in input costs. The beginning of the year is when manufacturers typically raise prices and the gain suggests that price traction may finally be appearing. This is a very positive report and points to solid strength for tomorrow's Philly Fed report, a report that, unlike this report, had already been showing solid strength going into year end. | |||||||||||||||
Source: Bloomberg
