New York state factory activity tumbles to lowest since 2009: NY Fed

[mahatmakanejeeves]

Source: Reuters

Markets | Mon Aug 17, 2015 8:57am EDT

Manufacturing activity in New York state plunged to its weakest level in August since 2009 due to steep drops in new orders and shipments, although optimism on future business improved, a New York Federal Reserve survey showed on Monday.

The New York Fed's Empire State general business conditions index tumbled from 3.86 in July to -14.92 in August, its lowest since April 2009.

Economists polled by Reuters had expected the index to rise to 5.00 this month. A reading above zero indicates expansion.
....

The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions.
....

(Reporting by Richard Leong; Editing by Meredith Mazzilli)

Read more: http://www.reuters.com/article/2015/08/17/us-usa-economy-nyfed-idUSKCN0QM19820150817

[merrily]

1. Hmphf. Wall Street don't care. USA manufacturing affects only Main Street.

Let those who care about Main Street suck it, just as they had to suck all the foreclosures.

[valerief]

2. Honey billionaires don't care. Honey billionaires got China.

[bucolic_frolic]

3. A plunge is coming

QE and micro interest rates created lending conditions where every project
looked profitable on paper. The result is overcapacity of just about everything,
though much of the manufacture is in China, especially since our factories were
exported along with jobs.

We could face shortages of simple goods we don't produce anymore
in the event of trade or currency wars.