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U.S. Empire State manufacturing index fell 5.1 points to 3.7 in March.

U.S. Empire State manufacturing index fell 5.1 points to 3.7 in March, missing expectations, after February's 4.9 point rebound to 8.8. This is the lowest since May 2017. The index was at 21.9 last March. It ranged from 24.4 (June) to 11.5 (December) last year, and hit a cycle high of 33.0 in October 2009. However, the employment component improved to 13.8 from 4.1, though the workweek fell to -3.4 from 2.5. New orders dropped to 3.0 from 7.5. Prices paid picked up to 34.1 from 27.1, with prices received slipping to 18.1 from 22.9. The 6-month ahead outlook index declined to 29.6 from 32.3, with employment at 17.6 from 19.1; new orders at 29.0 from 35.7; prices paid were 40.6 from 37.1, and prices received at 23.9 from 30.7. Capex was 28.3 from 29.3. This is a mostly disappointing report and could give bond bulls some traction.

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Publication:The Fly
Date:Mar 15, 2019
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