Empire Manufacturing Shows Drastic Consolidation in June
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Manufacturing in New York and surrounding areas consolidated in June, which some attribute to supply constraints from Japan still affecting the industry.
Data from the Federal Reserve Bank of New York Wednesday showed its general economic index dropped to minus 7.8 this month, the lowest its been since last November. The number is a drop from 11.9 in May, and a far cry below the 12 predicted by economists.
While a number of other data points were worse than expected this morning, investors seem to be giving the most credence to the bad Empire manufacturing reading. With several hours left in Wednesday's trading session, the Dow Jones is currently down 182 points to 11,893, the Nasdaq is down about 43 and the S&P 500 is down about 22 points.
Data from the Federal Reserve Bank of New York Wednesday showed its general economic index dropped to minus 7.8 this month, the lowest its been since last November. The number is a drop from 11.9 in May, and a far cry below the 12 predicted by economists.
While a number of other data points were worse than expected this morning, investors seem to be giving the most credence to the bad Empire manufacturing reading. With several hours left in Wednesday's trading session, the Dow Jones is currently down 182 points to 11,893, the Nasdaq is down about 43 and the S&P 500 is down about 22 points.
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