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Monday, November 15, 2010

Misc: NY Manufacturing conditions "deteriorate", Business Inventories Increase

by Calculated Risk on 11/15/2010 10:14:00 AM

From the NY Fed:

The Empire State Manufacturing Survey indicates that conditions deteriorated in November for New York State manufacturers. For the first time since mid-2009, the general business conditions index fell below zero, declining 27 points to -11.1. The new orders index plummeted 37 points to -24.4, and the shipments index also fell below zero. The indexes for both prices paid and prices received declined, with the latter falling into negative territory. The index for number of employees remained above zero but was well below its October level, and the average workweek index dropped to -13.0.
I'll have more when the Philly Fed index is released on Thursday, but this was far below the expectations of a reading of 15.

And from the Census Bureau: September 2010 Manufacturing and Trade Inventories and Sales report
Inventories. Manufacturers’ and trade inventories, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $1,402.9 billion, up 0.9 percent (±0.1%) from August 2010 and up 6.3 percent (±0.4%) from September 2009.

Inventories/Sales Ratio. The total business inventories/sales ratio based on seasonally adjusted data at the end of September was 1.27.
Expectations were for a 0.8% increase in inventories.