Empire State Manufacturing Survey Moves Into Positive Territory
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The Empire State Manufacturing Survey moved back into positive territory for the first time in over a year in August with a reading of +12.08 from -0.55. This is the index’s highest reading since November 2007. New orders rose to +13.43 from +5.89, the prices paid index increased to +13.83 from +10.42m and the The 6-month outlook index came in at +48.22 from +33.99. The employment index moved to -7.45 from -20.83. We will likely continue to see this index improve as companies begin to re-stock depleted inventories over the coming months.
In other news Lowes (LOW) earnings disappointed this morning, with the company issuing a lower full-year guidance. Markets are experiencing a strong sell-off in pre-market trading as investors’ grow increasingly concerned over the sustainability of the current rally, combined with a lack of would-be catalysts in this week’s outlook. A lower than anticipated GDP release in Japan is also helping to fuel this morning’s pessimism.
Empire Survey Diffusion Indices:
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