Stat of the Day: Empire Manufacturing Orders Grow
The Philly Fed Index will be interesting tomorrow. This index was stronger then the Empire one in June and analysts have the same expectations of -5.0. Another strong area would all but put a nail in this recession.
- New York Federal Reserve's Empire State general business conditions index rose to minus 0.55 in July from minus 9.41 in June
- July's report on factory activity in New York state was the strongest since April 2008, the last time it was in positive territory.
- exceeded economists' expectations of minus 5.0, based on the median of forecasts in a Reuters poll.
- The improvement in factory sentiment was boosted by a big jump in the new orders index to 5.89 from June's minus 8.15, reaching its highest since December 2007.
- The improvement came as the inventories index fell to minus 36.46 -- a record low, according to the New York Fed. In June, it was at negative 25.29.