The Empire State Manufacturing Index came in pretty ugly and confirming what we've been saying the trajectory was heading toward. The bottom line, inflation pressures have increased, manufacturing has moved below zero which is contraction.
May Industrial production also missed, and it missed downward revisions to consensus.
All of the manufacturing data has been on a trajectory heading for contraction, I don't suspect any of the future reports to change much.
You could say the economy is entering a stagflationary environment with contraction soon to be seen in manufacturing the country over.
5 years ago
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