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Wednesday, July 15, 2009

Empire Survey and Industrial Production Surprise to the Upside

The Empire State Manufacturing Survey's General Business Conditions Index moved up to -0.6 from -9.4 in June. Both the new orders and shipment indices came in above 0 this month, indicating growth, at 5.9 and 11.0, respectively. But, the employment index remained depressed with a reading of -20.8, almost unchanged from the prior month. It will be important to see if the Philly survey, being released tomorrow shows similar results.

June's Industrial production came in above analysts' expectations this morning, despite a decline of 0.4%. As I expected manufacturing experienced the largest drop of 0.6% followed by mining with a decline of 0.5%. Utilities posted a gain of 0.8%. Capacity utilization set a new historic low for the index finishing the month at 68.0%.

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