No Help Yet in Manufacturing

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Manufacturing in the NY FED district appears to be running at near-record lows.  The Federal Reserve Bank of New York’s Empire Manufacturing Index is still a fairly new index, but activity fell again down 0.3 to -25.76 in December over November.

New Orders and shipments are also in the tank with orders at -20.78 andshipments at -8.78.  These are both ion negative territory, but not aslow as the month before.

The employment index also came in at -23.40 from -28.92 in November.

Unfulfilled orders fell down to -27.66 from -24.10 in November, whichalso appears to be a new record low. The inventories portion of theindex remained negative at -17.02 in December from -26.51 in November.

Manufacturers in the district predicted that growth in prices paid inmost budget categories would decelerate in 2009, although this was mostpronounced in prices for commodities.

Jon C. Ogg
December 15, 2008