Following yesterday's Empire................>

US DATA: Following yesterday's Empire manufacturing survey, the supplementary

report on coronavirus questions was released earlier today. The survey period

was March 2-10 so this is probably the most timely survey data we have available

at present.

- In the Empire State manufacturing survey, 52.6% of businesses surveyed saw no

effect on their bottom line with 41.4% saying either a slight or significant

downward effect. The biggest concerns were over the availability of materials

and inputs (48.2% of businesses saw an impact) while 25-30% of businesses saw an

impact through lower sales.

- In the Business Lenders Survey 52.5% of businesses saw a negative impact on

their bottom line. Again the availability of materials and inputs was the

biggest concern, but there was more concern over sales to domestic consumers

than sales to foreign consumers.