December Empire State Index at 10.3
The Empire State Manufacturing Index cratered to 10.3 versus a consensus estimate figure of 20.0 and after a November reading of 27.4. New Orders (down 10 points to 14.3) and Shipments (down 11pts to 21.1) Indexes fell sharply and the Unfilled Orders Index fell below zero to -10. The Delivery Time Index rose to 5.0 and the Inventories Index fell to -10. Prices Paid fell off several points but remained strong at a 35 reading. Prices Rec’d were unchanged at 12.5. The Average Workweek Index fell to -7.5, it’s lowest reading in more than 1 yr. Ovearll the report shows a “deceleration in Manufucturing activity in December. Equities won’t like these data so bonds might get a flight to quality bid.