Monday, December 15, 2008

NY Fed: December NY Manufacturing "conditions deteriorated significantly"

by Bill McBride on 12/15/2008 08:40:00 AM

From the NY Fed: Empire State Manufacturing Survey

The Empire State Manufacturing Survey indicates that conditions for New York manufacturers deteriorated significantly in December. The general business conditions index, at -25.8, held near the record low set in November. The new orders and shipments indexes also remained near their recent record lows, and the unfilled orders index dropped to a new low. The indexes for prices paid and prices received fell below zero, and employment indexes remained deep in negative territory.
This is just the beginning of what is likely to be a grim weak week of economic news.