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Dallas Fed Mfg Survey Adds To Misses For September, But Mixed

  • The miss for Dallas Fed manufacturing activity, falling from -12.9 to -17.2 (cons -10) but still off the July low of -22.6, leaves three out of the four regional Fed surveys for Sept as misses, with mixed implications for Sept but generally implying some downside risk to ISM Mfg’s 52.8 in Aug. Richmond to come tomorrow.
  • Mixed values within the Dallas survey: production increased 8pts and new orders remained negative but increased 13pts to -1.7, yet the company outlook fell amidst elevated uncertainty.
  • The raw materials price index increased after three months of easing pressures but finished goods prices and wages continued a softening trend.
  • Adds to recent:

Empire beat: rose from -31.3 to -1.5 vs consensus -12.9

Philly miss: fell from +6.2 to -9.9 vs consensus +2.3

Kansas miss: fell from +3 to +1 vs consensus +5

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