New York manufacturing fell sharply in September, slipping into recession, according to the latest data from the New York Federal Reserve. The Empire State Manufacturing Index fell to -8.7, down from 11.9 in August and well below the forecast of -5.0. This is the first time the index has returned to negative territory since June.
New orders and shipments fell sharply, inventories continued to decline slightly, while employment held steady but average hours worked fell. Input prices remained high, selling prices rose moderately and spending plans remained weak.
Businesses expect conditions to improve in the coming period, but sentiment remains generally cautious. Immediately after the report was released, gold prices rebounded and then remained flat, trading around $3,642/ounce.
Global markets are awaiting the Federal Open Market Committee (FOMC) meeting of the US Federal Reserve (Fed), which begins on Tuesday morning and ends on Wednesday afternoon, with a statement and press conference from Fed Chairman Jerome Powell. The FOMC is expected to deliver a 25 basis point interest rate cut, the first since November 2024.
New orders and shipments fell sharply, inventories continued to decline slightly, while employment held steady but average hours worked fell. Input prices remained high, selling prices rose moderately and spending plans remained weak.
Businesses expect conditions to improve in the coming period, but sentiment remains generally cautious. Immediately after the report was released, gold prices rebounded and then remained flat, trading around $3,642/ounce.
Global markets are awaiting the Federal Open Market Committee (FOMC) meeting of the US Federal Reserve (Fed), which begins on Tuesday morning and ends on Wednesday afternoon, with a statement and press conference from Fed Chairman Jerome Powell. The FOMC is expected to deliver a 25 basis point interest rate cut, the first since November 2024.
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