2016 Economic Calendar
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Empire State Mfg Survey  
Released On 1/15/2016 8:30:00 AM For Jan, 2016
PriorConsensusConsensus RangeActual
General Business Conditions Index - Level-4.59 -4.00 -7.50  to 1.00 -19.37 

The contraction in factory activity in the New York manufacturing region, which began way back in August, unfortunately is picking up a lot of steam this month, at minus 19.37 for the January headline which is the lowest reading since April 2009. New orders, at minus 23.54, are contracting for an eighth straight month and at the sharpest pace since March 2009. Unfilled orders, at minus 11.00, are in an even deeper string of contraction. Employment, at minus 13.00, is down for a sixth straight month as is the workweek, at minus 6.00. And there's a crumbling going on in the 6-month outlook which, at 9.51 is still in the positive column but shows the least optimism since way back in March 2009. This report is grim and offers an initial look at January's factory activity which, based on these results, appears to be getting hit by global concerns.

Consensus Outlook
The Empire State report has been offering decisive signals of weakness in the factory sector with the headline in significant contraction since August. Orders and backlogs have been stuck in the negative column as have the workweek and employment, both of which are at recovery lows. Employment is suffering its weakest streak since late 2009. Prices have also been in contraction with final-goods prices down for four straight months. The Econoday consensus is calling for a headline of minus 4.00 in January vs minus 4.59 in December.

The New York Fed conducts this monthly survey of manufacturers in New York State. Participants from across the state represent a variety of industries. On the first of each month, the same pool of roughly 200 manufacturing executives (usually the CEO or the president) is sent a questionnaire to report the change in an assortment of indicators from the previous month. Respondents also give their views about the likely direction of these same indicators six months ahead.  Why Investors Care
The Empire State Manufacturing Survey has a much shorter history than the Philadelphia Fed's business outlook survey. The two series tend to move in tandem much of the time, although not each and every month. They are both considered leading indicators for the ISM manufacturing survey.
Data Source: Haver Analytics

2016 Release Schedule
Released On: 1/152/163/154/155/166/157/158/159/1510/1711/1512/15
Release For: JanFebMarAprMayJunJulAugSepOctNovDec

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