Free Trial

Empire Mfg Survey Continues Broad Trend Lower

US DATA
  • The Empire Mfg survey was a little weaker than expected in October as it fell from -1.5 to -9.1 (cons -4.3), continuing its broad-trend lower but within a particularly volatile range, off a low of -31 in Aug.
  • It’s the first of the regional Fed activity indexes for October but recall that they have been undershooting ISM Mfg for a few months now, with the MNI Chicago PMI most recently giving a better indication of the timing of the latest step down in activity (next published Oct 31) – charts below.
  • Forward-looking: 6-mth General Business Conditions and New Orders ticked lower though Capex looked strong.
  • Prices: Prices received basically flat but prices paid bounced 9pts after falling notably from highs through 2H21/1H22. That said, forward expectations for both prices and employment indicators were pretty flat.

To read the full story

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.