DrTorch
Proved mach and GTS to be liars
Posts: 35,887
Joined: Jun 2002
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I Root For: ASU, BGSU
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Ever the optimists
Quote:Manufacturing in New York contracts
Adding pressure to the markets today was a disappointing report on the manufacturing sector in the New York region.
The Empire State manufacturing index fell to a reading of negative 9.4 in June from negative 4.6 in May. Economists had expected a reading of negative 3. Readings below zero indicate contraction in the sector.
The report's measure of new orders rose to negative 8.2 from negative 9. A gauge of shipments fell to negative 4.8 from a positive reading of 1.3. The index of inventories decreased to minus 25.3 from minus 21.6.
One expert was optimistic, however.
"Overall, the decline in the headline index masked some important detail suggesting the outlook for manufacturing production in the New York Fed district has improved in the second quarter and has reinforced hopes for an even better second half of 2009," Nomura Securities Chief Economist David Resler wrote in a note to clients this morning.
Really Mr. Resler? What important detail was masked. And by "improvement" aren't you really saying, "Things are getting worse, but not as fast as before."
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06-15-2009 10:19 AM |
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