Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

New York Empire State factory gauge plunges in August deep into contraction territory
Market Watch ^ | 8/16/22 | Greg Robb

Posted on 08/16/2022 2:43:16 AM PDT by EBH

General conditions index drops 42 points to negative 31.3 — the second largest decline on record

The numbers: The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, plummeted 42.4 points to negative 31.3 in August, the regional Fed bank said Monday.

This is the second largest monthly decline on record and among the lowest levels in the survey’s history, the regional Fed bank said.

Economists had expected a reading of 5.0, according to a survey by The Wall Street Journal.

Any reading below zero indicates deteriorating conditions.

Key details: The index for new orders dropped 35.8 points to negative 29.6 in August.

The shipments index fell 49.4 points to negative 24.1.

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.

The New York data, and a similar reading from the Philadelphia Fed, are seen as early indicators for the health of the factory sector in August.

The closely-watched Institute for Supply Management’s barometer of American factories fell to a two-year low of 52.8% in July.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Extended News; Government; News/Current Events
KEYWORDS: depression; hardlanding; recession

1 posted on 08/16/2022 2:43:16 AM PDT by EBH
[ Post Reply | Private Reply | View Replies]

To: EBH

“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.”

Keep looking dipshit...


2 posted on 08/16/2022 2:55:51 AM PDT by HYPOCRACY (This is the dystopian future we've been waiting for!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: EBH

Rocketing down past stagflation into depression or worse.
Massive numbers of bankruptcy, late rent and mortgage payments while credit card debt levels skyrocket as people struggle to survive....truckers can’t afford to drive their rigs on $5 a gallon as supermarket shelf empty and hospitals run out of oxygen.


3 posted on 08/16/2022 2:57:29 AM PDT by SpokeshaveReturns (Proud Boys, Angry Dads and Grumpy Grandads.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: EBH
General conditions index drops 42 points to negative 31.3
Economists had expected a reading of 5.0

I don't think Economics is a real field. I think it's just Political Science. To some extent, economic theory is just a way to manipulate the people ("support the Party, we will redistribute the wealth") and beyond that, it's a simple Propaganda tool ("our new index tells us that, despite appearances, there is no recession and no inflation").

Paul Krugman, to me, is a perfect example of a real Economist. Scum.

4 posted on 08/16/2022 2:58:22 AM PDT by ClearCase_guy (We are already in a revolutionary period, and the Rule of Law means nothing. )
[ Post Reply | Private Reply | To 1 | View Replies]

To: EBH

They’re going to make sure that when Trump is inaugurated in January 2025 the nation is in an advanced state of collapse.

And then they’ll blame him for it.


5 posted on 08/16/2022 3:15:25 AM PDT by Chad C. Mulligan
[ Post Reply | Private Reply | To 1 | View Replies]

To: EBH

We deserve all that is coming.


6 posted on 08/16/2022 3:16:40 AM PDT by Wpin ("I Have Sworn Upon the Altar of God eternal hostility against every form of tyranny...")
[ Post Reply | Private Reply | To 1 | View Replies]

To: ClearCase_guy
I don't think Economics is a real field.

It's a real field if you take the Austrian view of it. Ludwig von Mises laid down the fundamentals long ago, but the universities (i.e. Krugman, et.al) have been teaching Keynes, a corrupt version of which is popular with politicians, so no wonder you think it's a political science.

A simple introduction to the Austrian School is this:

https://www.amazon.com/Economics-One-Lesson-Shortest-Understand/dp/0517548232/ref=sr_1_1?crid=1BVIQE5TPYD41&keywords=economics+in+one+lesson+by+henry+hazlitt&qid=1660645317&sprefix=economics+in+one+%2Caps%2C1474&sr=8-1

More to be found at: https://mises.org/

7 posted on 08/16/2022 3:28:43 AM PDT by Chad C. Mulligan
[ Post Reply | Private Reply | To 4 | View Replies]

To: Chad C. Mulligan

They’re going to make sure that when Trump is inaugurated in January 2025 the nation is in an advanced state of collapse.

And then they’ll blame him for it.
Along with civil unrest like in 2020
Those who perpetrate this shall be brought to justice, we hope


8 posted on 08/16/2022 3:30:22 AM PDT by ronnie raygun
[ Post Reply | Private Reply | To 5 | View Replies]

To: Wpin

Yes, there are major fissures in the economic narrative starting to show. We are in for a very hard landing.

The Fed is going to raise rates a few more times this year.

I think they are trapped into a failing policy.


9 posted on 08/16/2022 4:02:26 AM PDT by EBH ( 1776-2021 May God Save Us.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: Chad C. Mulligan

Did they blame FDR for the Depression?


10 posted on 08/16/2022 4:30:55 AM PDT by kabar
[ Post Reply | Private Reply | To 5 | View Replies]

To: EBH

I’m an Upstater.

I’ve been talking to people, makers not takers, who swore they’d never move. Who own very nice homes up here that they’d probably ending up selling for less than assessed value if they moved.

If Deep State steals the next state elections, they’re leaving.

Most will be going to Florida.


11 posted on 08/16/2022 4:36:36 AM PDT by mewzilla (We need to repeal RCV wherever it's in use and go back to dumb voting machines.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: EBH

From a strictly personal view I think we are in a recession.

I’m trying to sell a Lexus RX350. When I first put it on 2 months ago at $15,200 cars.com said it was priced UNDER the normal range (something like 18250 to 19250).

It didn’t sell for a month so I took it off and relisted a week ago at $14,900. All the sudden cars.com lists it as exactly in the middle of normal range. So in 2 months their value for selling this vehicle has dropped almost $3000 dollars! That is HUGE. I’m still not getting any serious offers ( Low ballers) so I dropped it to 14,800.

Might be other things going on..example has the chip shortage stopped and new cars are flooding the market?


12 posted on 08/17/2022 6:41:26 AM PDT by Phoenix8
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson