May 2013 Empire State Manufacturing Survey falls to -1.43 on expectations of increase, employee workweek dropped from 5.68 to -1.14

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5/15/13, "Producer Prices Plunge, Empire Fed Slides To First Negative Print Since January," Zero Hedge

"But it was the Empire Fed index that was even more disappointing, as it crushed hopes for an increase from 3.05 to 4.00 in May, instead posting the first contractionary print since January, printing at -1.43. It gets worse when one digs through the data: New Orders dropped from 2.20 to -1.17, Shipments also slid into negative from 0.75 to -0.02, Unfilled Orders deteriorated even more from -3.41 to -6.82, Inventories contracted from -4.55 to -7.95, Prices Paid and Received both contracted, but worst of all, the Average Employee Workweek dropped from 5.68 to -1.14, meaning the collapse in the average workweek persists, and even if the BLS reports a positive print for May, the report will once again mask the declining aggregate end demand for labor.

What is worst, however, is that even the Hopium has now run out, with the future general business conditions index declining for a second consecutive month, dropping six points to 25.5. Add to this the just 1.2% expectation in increasing prices received - the lowest on record - and one can see why the US manufacturing sector is collapsing.

From the report:"...


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