Assuming this is bad

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New York Empire State factory gauge plunges in August deep into contraction territory

The New York Fed’s Empire State business conditions index plummeted 42 points to negative 31.3 in August, the regional Fed bank said Monday.

www.marketwatch.com

Unfilled orders fell for the third straight month.

Labor market conditions weakened. The prices-paid index fell 9 points to 55.5, its lowest level in over a year.

In addition, manufacturers were not optimistic about the six-month outlook.

Big picture: Economists were expecting a small retreat in the factory index, not a rout. The U.S. manufacturing sector, which was a strength during the recovery from the pandemic, is facing a steep drop-off in new business.

but don't worry, it's not that bad

What are they saying? “We caution to not take too much away from this report as it likely paints an excessively downbeat picture of manufacturing. We look for a soft economic rebound in the second half of 2022 to keep manufacturing growing in a low gear,” said Oren Klachkin, economist at Oxford Economics.

 

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