2009 Economic Calendar
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Empire State Mfg Survey  
Released On 3/16/2009 8:30:00 AM For March, 2009
PriorConsensusConsensus RangeActual
General Business Conditions Index - Level-34.7 -32.0 -40.0  to -25.0 -38.2 

The New York Federal Reserve reports deep, continuing contraction in its manufacturing sector. The Empire State index fell 3-1/2 points in March to a severely contractionary -38.2. New orders showed acute weakness at -44.8, down nearly 15 points and pointing to severe contraction for shipments in the months ahead. Shipments in March are already showing acute contraction, at -22.7 vs. February's -8.1. Manufacturers in the region, as they are across the world, are aggressively cutting inventories, the index for which fell nearly 20 points in the month to -27.0.

Employment data show continued contraction with the number of employees index little changed at -38.2 though contraction in the average employee workweek did ease more than 7 points to -23.6, indicating that existing employees are making up for the work done by those that have been laid off. Both input and output price readings show continued contraction. A positive in the report is improvement in the 6-month outlook where readings, headed by a 3.1 general business conditions index vs. February's -6.6, generally edged into positive ground.

This report, along with the Philadelphia's manufacturing report, have been reporting more severe rates contraction than the national report from the ISM which in January and February began to contract at a less severe rate. There was no reaction to today's data.

Consensus Outlook
The Empire State manufacturing index in February dropped more than 12 full points to minus 34.7. Meanwhile, the new orders index fell nearly 8 points to minus 30.5. Both these readings are record lows for the series going back to July 2001. The outlook worsened in February as respondents rated general business conditions six months ahead at minus 6.6, down 2-1/2 points from January.

The New York Fed conducts this monthly survey of manufacturers in New York State. Participants from across the state represent a variety of industries. On the first of each month, the same pool of roughly 200 manufacturing executives (usually the CEO or the president) is sent a questionnaire to report the change in an assortment of indicators from the previous month. Respondents also give their views about the likely direction of these same indicators six months ahead.  Why Investors Care
The Empire State Manufacturing Survey has a much shorter history than the Philadelphia Fed's business outlook survey. The two series tend to move in tandem much of the time, although not each and every month. They are both considered leading indicators for the ISM manufacturing survey.
Data Source: Haver Analytics

2009 Release Schedule
Released On: 1/152/173/164/155/156/157/158/179/1510/1511/1612/15
Release For: JanFebMarAprMayJunJulAugSepOctNovDec

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