New York manufacturing contraction adds fuel for rate cut

Business activity in New York contracted in June, as tariffs and a slight softening in the labor market took a toll on conditions. The Empire State Manufacturing Survey’s general business conditions index plunged 26 points, its biggest monthly drop, to negative 8.6. This was the first time in more than two year the index showed contraction.

Industrial production was up 0.4% in June, the federal reserve reported Friday. The increase followed a revised 0.1% gain in May, first reported as unchanged. Capacity utilization grew to 76.6% in.

Projections for the jobless rate ranged from 8.1 percent to 8.4 percent. U.S. equity futures rose before the jobs figures, with the contract on the Standard & Poor’s 500 Index expiring in June.

Powell described manufacturing as "not growing much," saying "we hope to help that with this rate cut." The Institute for Supply Management (ISM) said its index of national factory activity slipped to 51.2 last month, the lowest reading since August 2016, from 51.7 in June.

They’re also worried that other countries that have depended on China – like Brazil and Australia, which have sold it fuel and metal for manufacturing. ads and black-car rides are worth less, and.

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On Wednesday, the Federal Reserve announced that it would cut interest rates, partly to counter some of the damage done by tariffs. Chairman Jerome Powell stressed that the Fed is worried about.

Two hours after the US Empire Manufacturing data was released on Monday, none of the major business news websites had any stories covering the horrid data. Manufacturing in the New York region slumped at the fastest pace since the Great Recession, registering -14.9 in August vs. +3.9 in July. Readings below zero in this index signal contraction.

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The benchmark S&P 500 ended little changed on Thursday as a fall in U.S. jobless claims offset data showing a contraction in U.S. manufacturing activity. said they saw no reason to cut interest.

CHICAGO, Nov 1 (Reuters) – Rate futures are close to sealing the deal on a Federal Reserve interest rate cut by the end of the first quarter of 2007 after two days of weak economic data. The.