THE BASIS POINT

Fundamentals 8/15: Manufacturing Down 3rd Month

Empire State Manufacturing Index
-August Empire State Manufacturing -7.72
-3rd contracting month after -3.8 for July & -7.8 for June
-Readings above zero signal expansion.
-This is a Fed survey of Manufacturing in New York State.
-Inflation readings in the index also dropped significantly
-Full report here
-Chart below shows Empire State and Philly Fed surveys (latter due Thursday)

Manufacturing Index

Here’s a preview of the coming market week. This Bloomberg post is an example of technology making job creation so difficult. It is about online shopping and the robots who fill orders. Big-name retail is chasing Amazon as on-line shopping increases and I don’t see how this is good for jobs.