Empire State Manufacturing Survey down 4th month in a row (unexpectedly) and signals worse unemployment

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Index down a point to -8.8.

9/15/11, "Empire State Manufacturing Survey Negative Again for the Fourth Month in a Row," Value Investing, Glenn Busch

"Today is the start of the regional manufacturing reports. The first report out is the Empire State Manufacturing Survey released by the Federal Reserve Bank of New York and the report is negative again for the fourth month in a row. The consensus estimate was -3.6 up from the -7.7 printed in August. As usual the estimates proved too optimistic.

• The Empire State Manufacturing Survey indicates that conditions for New York manufacturers worsened for a fourth consecutive month in September. The general business conditions
  
• index inched down one point, to -8.8....

Shipments dropped 16 points to -12.9. Inventories remained in negative territory with a -12 reading. This will have a negative impact on employment.

Employment indexes were negative, indicating that both employment levels and hours worked fell. The index for number of employees declined nine points to -5.4, and the average workweek index held steady at -2.2.

Another bad Empire State Manufacturing Survey."

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