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Economy

NY Fed Manufacturing Data Heads Wrong Way

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By Douglas A. McIntyre Updated Published
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burning-money-picThe New York Fed’s Empire manufacturing data came in a bit weaker than expected.  Business conditions for the month of June fell to -9.41 versus a reading of -4.55 in May.  The Bloomberg consensus reading was looking for the losses to contract to a reading of -2.0, and some economists were even hoping for a first positive reading of 2009.

New orders stayed negative at -8.15 from the -9.01 reading in May.  Inventories improved to -8.05 from -10.23 in May.

The NY Fed district doesn’t see much on capital expenditures in 2009.  It seems that 56% of respondents said they see contracting cap-ex in 2009, only 20% are looking for increased cap-ex.

Employment showed a slight improvement at -21.84 versus -23.86 in May.

Calling any single-district report a barometer is a stretch.  But this is not really even in the direction of the green shoots or “less-bad” camp.  It is just stagnant, and stagnant a tad lower.

JON C. OGG
JUNE 15, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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