Econoday Economic Report: Empire State Mfg Survey September 15, 2011

2011 Economic Calendar

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Empire State Mfg Survey

Released On 9/15/2011 8:30:00 AM For Sep, 2011

	Prior	Consensus	Consensus Range	Actual
General Business Conditions Index - Level	-7.72	-3.6	-15.0 to 0.0	-8.82

Highlights
Business conditions in the New York manufacturing region continue to contract at a steady but mild rate based on the Empire State index which, at minus 8.82 this month, shows its fourth straight negative single-digit reading. New orders, the most important leading indicator in the report, are also in the negative column for the fourth straight month at minus 8.00. Unfilled orders, at minus 7.61, are down for the third straight month. Strength in orders earlier in the year had been keeping shipments up but not any more with this reading falling convincingly into the negative column at minus 12.88. Employment, which like shipments also lags orders, also fell into the negative column, to minus 5.43 this month. This report offers the first indication on September conditions in the manufacturing sector and the news is disappointing. The Philadelphia Fed will offer its reading on its region's manufacturing conditions at 10:00 a.m. ET this morning.

Market Consensus before announcement
The Empire State manufacturing index in August fell 3.96 points into more deeply negative territory to minus 7.72 to indicate monthly contraction in general business conditions. Details showed a third straight monthly contraction in new orders, down 2.37 points to minus 7.82. Unfilled orders contracted deeply, to minus 15.22 versus July's minus 12.22.

Definition
The New York Fed conducts this monthly survey of manufacturers in New York State. Participants from across the state represent a variety of industries. On the first of each month, the same pool of roughly 175 manufacturing executives (usually the CEO or the president) is sent a questionnaire to report the change in an assortment of indicators from the previous month. Respondents also give their views about the likely direction of these same indicators six months ahead. Why Investors Care

The Empire State Manufacturing Survey has a much shorter history than the Philadelphia Fed's business outlook survey. The two series tend to move in tandem much of the time, although not each and every month. They are both considered leading indicators for the ISM manufacturing survey.
Data Source: Haver Analytics

2011 Release Schedule

Released On: 1/18 2/15 3/15 4/15 5/16 6/15 7/15 8/15 9/15 10/17 11/15 12/15

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