2012 Economic Calendar
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Empire State Mfg Survey  
Released On 7/16/2012 8:30:00 AM For Jul, 2012
PriorConsensusConsensus RangeActual
General Business Conditions Index - Level2.29 4.50 -8.00  to 6.00 7.39 

Weakness in orders points to slowing activity ahead for the New York region's manufacturing sector and undercuts a rise in the report's general business conditions headline. New orders fell to minus 2.69 to indicate monthly contraction from what was no more than very soft growth in June at plus 2.18. Unfilled orders are also contracting, at a very steep minus 13.58.

For the record, the headline index rose more than 5 points to 7.39 to indicate monthly growth in general business conditions. But this growth won't go very far if orders are contracting. The pace of shipments is rising this month as is employment which, at 18.52, put in an especially good showing. Price pressures in the region are moderating.

The orders readings in this report unfortunately fall in line with two months of prior weakness in the Philly Fed report and the dismal ISM national report posted at the beginning of the month. There's plenty of warning signs right now that the manufacturing sector is slowing this summer. The Philly Fed report for July will be out on Thursday.

Consensus Outlook
The Empire State manufacturing index in June slowed to 2.29, a level however well below May's very strong pace of 17.09. Details showed slowing growth this month for new orders, shipments, and employment as well as a slip in the six-month outlook.

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 200 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

2012 Release Schedule
Released On: 1/172/153/154/165/156/157/168/159/1710/1511/1512/17
Release For: JanFebMarAprMayJunJulAugSepOctNovDec

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