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The New York Fed’s Empire manufacturing data came in a bit weaker than expected. Business conditions for the month of June fell to -9.41 versus a reading of -4.55 in May. The Bloomberg consensus reading was looking for the losses to contract to a reading of -2.0, and some economists were even hoping for a first positive reading of 2009.
New orders stayed negative at -8.15 from the -9.01 reading in May. Inventories improved to -8.05 from -10.23 in May.
The NY Fed district doesn’t see much on capital expenditures in 2009. It seems that 56% of respondents said they see contracting cap-ex in 2009, only 20% are looking for increased cap-ex.
Employment showed a slight improvement at -21.84 versus -23.86 in May.
Calling any single-district report a barometer is a stretch. But this is not really even in the direction of the green shoots or “less-bad” camp. It is just stagnant, and stagnant a tad lower.
JON C. OGG
JUNE 15, 2009
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