July Empire FED Manufacturing Index Preview
The July Empire State Manufacturing Index is expected at -8.0 from -8.7 in June. The June New Orders Index was -5.48 compared to -0.46 in May and the Shipments Index fell to -6.54 from 4.55 previously. The June Prices Paid Index decreased to 66.28 from 69.57 in May, while the Prices Received increased to 26.74 from 15.22 in May. The June Employment Index came in at 1.16 while the Work Week Index registered a -2.33 reading.
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 -15.0 to -0.1 with an average estimate at -7.2.
The June Empire State Index will set the stage for other major manufacturing data in July including: ISM manufacturing, Chicago PMI and the Philly Fed Index.