The NY Manufacturing Survey blew away the consensus estimate this morning, reporting a reading of 17 vs the 6 expected. Markets are moving higher on this new evidence of economic recovery in the United States after the devastating lockdowns due to the Chinese coronavirus pandemic, now reported by defectors to have been developed in a Chinese bio lab.
The August Industrial Production Number however missed, showing a fractured recovery across the United States, which to be expected.
Inflation showed up slightly in the Import/Export data, which should make the Fed happy to some extent, or give them some evidence of progress in their goal of sparking just that.
NY Empire State Manufacturing Index (Sep) printed at 17 vs 6 estimate.
Import Price Index (MoM) (Aug) printed at 0.9% vs 0.5% consensus estimate.
Import Price Index (YoY) (Aug) printed at -1.4% vs -0.1% estimate.
Export Price Index (MoM) (Aug) printed at 0.5% vs 0.4% estimate.
Export Price Index (YoY) (Aug) printed at -2.8% vs -5.6% estimate.
Industrial Production (MoM) (Aug) printed at 0.4% vs 1.0% estimate.
Capacity Utilization (Aug) printed at the estimate of 71.4%.