Highlights
Activity slowed but is still growing in the New York Fed's manufacturing sector according to the Empire State index which came in above zero at 2.29, a level however well below May's very strong pace of 17.09. Details show slowing growth this month for new orders, shipments, and employment as well as a slip in the six-month outlook. Price readings show slowing pressure for inputs and a sharp easing in pricing power for finished goods which are both consistent with slowing activity.

The good news in this report is that most factors are still expanding this month though the pace is much slower than May. But this report is still stronger than last month's report from the Philly Fed where actual contraction was evident. The Philly Fed will post its June report next week. Later this morning the Federal Reserve will post industrial production data for May in key results that will firmly shape the assessment of the manufacturing sector at the national level.

Market Consensus before announcement
The Empire State manufacturing index in May rose 10.53 points to 17.09. New orders showed mild acceleration, rising from 6.48 to 8.32. Shipments also showed heavy month-to-month acceleration.

2012 Release Schedule

Released On: 1/17 2/15 3/15 4/16 5/15 6/15 7/16 8/15 9/17 10/15 11/15 12/17 Release For: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec