Empire Manufacturing Drops – September 15, 2015

From the New York Fed: “The September 2015 Empire State Manufacturing Survey indicates that business activity declined for a second consecutive month for New York manufacturers.”

Full PDF report here

empire manufacturing survey

Some notables from the report…

A Zero Hedge post headline equates this to a coming recession. In normal economies that is the case and in the US economy perhaps it is too (ref. NFTRH 360 excerpt “No Recession, But…”). But a couple points of consideration…

This is a highly financialized economy and…

As we note each month post-Payrolls, the strong dollar-fueled consumer economy is doing all the economic lifting right now. i.e. manufacturing weakness, which we were the first that I know of to note, has not yet bled over to the bloated services sectors.