by Bill McBride on 11/15/2011 01:15:00 PM
Tuesday, November 15, 2011
From the NY Fed earlier today: Conditions for New York manufacturers held steady in November
The Empire State Manufacturing Survey indicates that conditions for New York manufacturers held steady in November. After a string of five consecutive months of negative readings, the general business conditions index rose nine points, to 0.6. While the new orders index edged down to -2.1, indicating that orders were a little lower, the shipments index rose to 9.4, indicating an increase in shipments. The inventories index fell to -12.2 — a sign that inventory levels dropped.This was slightly above the consensus forecast. The futures indexes really "surged" indicating
Employment indexes were mixed: employment levels were slightly lower and the average workweek slightly longer.
"a widespread expectation that conditions would improve in the months ahead".
And from the Chicago Fed: Third Quarter Midwest Farmland Values Surge
At 25 percent, the year-over-year gain in agricultural land values in the third quarter of 2011 for the Seventh Federal Reserve District was the largest in just over three decades. Moreover, at 7 percent, the quarterly increase in the value of “good” farmland matched the highest since the late 1970s.I just hope farmers and farm land lenders remember the lessons of the '80s - and that farmers don't borrow too much, and lenders think about tighter lending standards.
Posted by Bill McBride on 11/15/2011 01:15:00 PM