- New Zealand: External Migration (Jan)
- Bangladesh: Monetary Survey (Dec), BOP (Nov), E-Banking and E-Commerce (Q4)
- France: Registered Unemployed & Job Vacancies (Jan)
- US: New Residential Sales (Jan)
- Consumer Sentiment Detail (Feb-final)
- Ireland: Personal Bankruptcies (Q4)
- more updates...
Economy in Brief
Italian Confidence Registers Split-Decision
In February, Italian consumer confidence trolled a five-month low while business confidence perked up...
U.S. FHFA House Price Measure Increases Steadily
The FHFA U.S. house price index rose 6.2% during all of 2016...
U.S. Initial Unemployment Insurance Applications Increase
Initial claims for unemployment insurance increased to 244,000 (-7.6% y/y) during the week ended February 18...
German GfK Confidence Will Step Back in March
Despite a coming setback to German confidence in March, the GfK look-ahead confidence reading remains strong...
U.S. Existing Home Sales Increase in January; Prices Slip
Sales of existing single-family homes increased 3.3% (3.8% y/y) to 5.690 million units (AR) during January...
U.S. Gasoline Prices Slip; Crude Oil Improves
Regular gasoline prices of $2.30 per gallon (+33.1% y/y) last week were down a penny from the prior week...
by Tom Moeller January 15, 2013
The Empire State Factory Index of General Business Conditions was negative in January for the sixth consecutive month. Moreover, except for one month in 2010, the latest reading of -7.78 was nearly the lowest level of the economic recovery. Consensus expectations had been for -1.9. Based on these figures, Haver Analytics calculates an index that is compatible to the ISM series. The adjusted figure declined to 47.5, also near the lowest of the recovery. Since inception in 2001, the business conditions index has had a 64% correlation with the quarterly change in real GDP.
Most of the index components were negative this month, notably new orders, shipments and delivery times. Employment was negative for the fourth consecutive month. During the last ten years there has been a 76% correlation between the jobs index and the m/m change in factory sector payrolls.
The prices paid reading improved m/m to 22.58, its highest level since May of last year. Twenty five percent of respondents indicated paying higher prices while just 2% paid less. During the last ten years there has been a 64% correlation between the index and the 3-month change in the intermediate goods PPI.
Looking ahead, the Empire State index of expected business conditions in six months improved moderately to 20.41. Component index readings were mixed. New orders and inventories rose but prices and employment declined.
The Empire State figures are diffusion indexes which are calculated by subtracting the percent of respondents reporting poorer business conditions from those reporting improvement. Thus, they have a good correlation with growth in the series covered. The data is available in Haver's SURVEYS database. The ISM-adjusted headline index is calculated by Haver Analytics. The series date back only to 2001. The Consensus expectation figure is in Haver's AS1REPNA database.
|Empire State Manufacturing Survey||Jan||Dec||Nov||Jan'12||2012||2011||2010|
|General Business Conditions (ISM Adjusted)||47.5||48.5||48.9||54.6||51.8||51.8||52.9|
|General Business Conditions (Diffusion Index, %)||-7.78||-7.30||-4.31||12.12||4.24||4.47||13.86|
|Number of Employees||-4.30||-9.68||-14.61||12.09||8.62||6.68||14.29|