Wednesday, June 15, 2011
Misc: Empire State Survey indicates contraction, Inflation rate lower, French Bank Rating Reviewed
by CalculatedRisk on 6/15/2011 08:30:00 AM
• From the NY Fed: Empire State Manufacturing Survey
The Empire State Manufacturing Survey indicates that conditions for New York manufacturers deteriorated in June. The general business conditions index slipped below zero for the first time since November of 2010, falling twenty points to -7.8.
The new orders and shipments indexes also posted steep declines and fell below zero. The index for number of employees dropped fifteen points to 10.2.
This was well below expectations of a reading of 13.0. This is the first regional survey released for June and shows that manufacturing is contracting.
• From the BLS:
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in May on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. … The index for all items less food and energy increased 0.3 percent in May, its largest increase since July 2008.
Even though the rate of inflation slowed, it was still higher than expected. The pickup in core inflation is bad news – I’ll have more on inflation later