The 
Index has been released and the numbers are dismal as far as the New York Federal Reserve’s manufacturing base is considered. This was September’s report, and the index fell to -10.41. Bloomberg had a consensus expectation of -2.0, versus a prior report of -5.85.
The Empire State manufacturing index fell the prior month as well by a sharp 13.24 points, down into the red to -5.85 in August from July’s +7.39. New orders had been lower in the prior report as well.
New orders came in down, as well, and that indicates that the following month also may have another negative report. The only gain was in prices paid, which means that the inflationary component rose too.
Investors should keep in mind that the results of this survey are from roughly the same 175 (or so) manufacturing executives. Now the bulls will have to hope that QE3 will be the saving grace that they and Ben Bernanke are hoping for.
JON C. OGG
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