Empire State manufacturing index dropped sharply to 3.9 in January, down from 10.9, and missed expectation of 11.6. That’s also the lowest level in “well over a year” since mid-2017. Also, the headline index has already fallen a cumulative 18 pts since November. Additionally, firms were “less optimistic about the six-month outlook than in recent months.”The index for future business conditions fell thirteen points to 17.8, and the indexes for future new orders and shipments also declined.
Also from the US, in December, headline PPI dropped -0.2% mom rose 2.5% yoy, versus expectation of 0.0% mom, 2.5% yoy. PPI core dropped -0.1% om, rose 2.7%, versus expectation of 0.2% mom, 2.7% yoy.
