Empire State manufacturing index posts largest-ever drop into negative territory in June

[maddogesq]

Source: Market Watch

The numbers: The New York Fed’s Empire State business conditions index took a sharp turn for the worse in June, falling into negative territory for the first time in more than two years.

The Empire State manufacturing index plummeted 26.4 points to negative 8.6 in June, the New York Fed said Monday. That’s a record decline. Economists had expected a reading of positive 10, according to a survey by Econoday.


Read more: https://www.google.com/amp/s/www.marketwatch.com/amp/story/guid/1CE7512E-90F6-11E9-BB0A-A1DDCE2B2FFA

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So this one doesn't get top billing over at CNBC, but it DOES matter.

[Wellstone ruled]

1. Oh boy,this is a biggee.

If memory is somewhat working,the Empire Area covers the Manufacturing of the most concentrated Factories in New England as well as the East Coast.

Not good. Had seen stories of Freight Loads coming out of that area had dropped off a cliff.

[maddogesq]

2. I follow economic trends here:

https://www.marketwatch.com/tools/calendars/economic

I am seeing patterns develop similar to the Bush 2 era. And as you said, this one is HUGE because of the concentration of outfits in the east.

[Wellstone ruled]

3. I tend to follow

the Food Industry because of a five decades of involvement. My concern is what is happening on the Grocery Shelves and what I saw last Monday was wholesale repricing at a Wal Mart,and only shop there for one item we use and they are the only source other than Amazon.

Again,it is all about household disposable Income. The Economy is shrinking with every passing day. The largest shock here was and is the Gas Prices,you can not raise it a Buck a gallon and not expect some related negative result.

Families are being squeezed into financial death spiral with the double whammy of Groceries and Gas prices going up. Wages are not moving upward,if they tick up a little,the hours are cut.

BTW,the Casino's have lost revenue each month for well over a year. As long as they have access to cheap money,they will continue the false narrative of boom times. Gee,they are complaining the Chinese Tourist are not showing up as well as other wealthy Asians. Wonder why,could it be the Policies of the Fake Billionaire loitering in the White House.

[Roy Rolling]

13. Without the tax giveaway

...the economy would've been dead over a year ago. Buckle up boys and girls, this ain't gonna be pretty.

[Wellstone ruled]

14. From what Bloomberg is reporting.

All the Stock buy backs are done,and the Board Room bonus's have been completed. Zero dollars being spent on R and D,appears all the cash in just being put in the Bank.

[SergeStorms]

4. "Trade wars are good, and easy to win".

His name escapes me right now, but some stupid TV host said that. Was it Alex Trebek?

[MLAA]

9. Who is impotus for 1dollar, Alex.

[CrispyQ]

11. Good one!

[BumRushDaShow]

5. "Economists had expected a reading of positive 10"

Well then maybe we need to get some new "economists" who are willing to take off their rose-colored glasses.

There is a rumbling going on "underground" in this country and usually the least among us get hit first and serve as canaries in the gold mine. It's starting to feel like 2007 all over again. The house flippers are back with a vengeance and they have now added "lien flipping". And in their decades-long quest for sources of cheaper raw materials and parts, the manufacturers are now running headfirst into those tariffs. And the article seems to want to focus on the Mexico tariff threats but completely ignore China, which makes all sorts of electronic (and other) parts.

[stillcool]

10. got a way with words...

'canaries in the gold mine'...

[BumRushDaShow]

12. It's true

There has been a troubling uptick in armed robberies literally in my own neighborhood and they don't give a damn whether cameras are filming them or not. I don't know whether it's drug-related or gang-related or for fencing operations or attempts to "acquire" things by any means necessary.... But the stress level is elevated and the malaise is starting to settle in - even with cities fighting to bring about fair wages. And I would expect that social media is also magnifying and negatively impacting many of these young people who have been doing this and I expect they are reacting to the wealth projected in the media that they can't have (unless they "take" it) and a lot of it is happening in the suburbs, so it's not just an "urban" thing (notably the selling of drugs).

[Lonestarblue]

6. Real estate prices are down 7.6% in my neighborhood over last year.

This is just for homes in my neighborhood, but I live in Austin where prices have been increasing steadily. This the first year in a long time that real estate agents are reporting lower prices for my general area.

[Maxheader]

7. Bad news...Predictable?

[Politicub]

8. An economic crash is coming.

The economy can't be disrupted as much as it has been by Trump without negatively affecting all sectors. The tariffs are affecting inflation, too. Everything seems more expensive lately.

We could have a soft landing with a smarter administration in charge. But we can't have nice things in the U.S.

[roamer65]

17. Stagflation is back.

[marble falls]

15. "So much winning!"

[roamer65]

16. Currency war, trade war...world war.

Just like the 1930’s.