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Empire State Weaker, But Strong Jobs/Prices

DATA REACT

The 4.9 reading for the Dec Empire State Manufacturing Survey represented a decline from Nov and was below-consensus (6.3 Prior, 6.2 Exp.). As with other regional surveys in recent weeks, the labor market component looked strong, as did price pressures.

  • Per the NY Fed: "New orders increased marginally, and shipments were modestly higher. Inventories continued to move lower, and delivery times edged up. Employment posted its strongest gain in months, and the average workweek lengthened somewhat. Input prices increased at the fastest pace in two years, while selling prices increased at about the same pace as last month. Looking ahead, firms remained optimistic that conditions would improve over the next six months."
  • Markets little changed on the number.
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