Tuesday, February 17, 2009
The NY Fed released its regional manufacturing survey results (the first of a series of regional surveys on manufacturing). The index fell to a new low, -34.70, declining sharply since January 2009. From the NY Fed:
This is bad news, especially when much of the silver lining argument is centered around a falling rate of decline in manufacturing, which is based on the Jan. bump in the ISM (Institute for Supply Management) national manufacturing survey. And furthermore, the 6-month outlook survey continues to decline.
I will be watching these regional Fed manufacturing surveys over the month, but the Empire State report does not paint a pretty picture for the national ISM manufacturing survey that will be released on March 2. Unfortunately, the bad news keeps on coming.