June Empire FED Manufacturing Index Preview
The June Empire State Manufacturing Index is expected at -1.8 from -3.2 in May. The May New Orders Index was -0.5 and the Shipments Index fell to 4.6 from 17.5 previously. The May Prices Paid Index increased to 69.57 from 57.29 in April, while the Prices Received dropped to 15.22 from 20.83 in April. Both the May Employment and Work Week indices came in at 1.09.
The Empire FED Index is the first of the 4 major manufacturing reports published each month and therefore is very difficult to predict. Analysts have correspondingly issued a relatively wide range of estimate from an index reading of -8 to 7 with an average estimate at -1.3.
The June Empire State Index will set the stage for other major manufacturing data in June including: June ISM manufacturing, Chicago PMI and the Philly Fed Index. All the aforementioned indices are expected to show modest improvements in June when factoring in current estimates for the NY FED Index. A lower-than-expected reading is likely to yield downward revision to forecasts for the other major manufacturing reports.