In the worst kept secret in macro economics US manufacturing continues to be pressured under the weight of a strong currency.The New York Fed’s Empire index declined for the 4th consecutive month, but the details are not as bad as the headline.Here is the full PDF report.

Some particulars from the report…

New orders bumped up, as I believe was the case with the latest ISM that was not as bad as its headline implied.Also, inventories declined.

Employment continues to struggle, however.