“Sluggish” NYS Manufacturing

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The Federal Reserve’s Empire State Manufacturing Survey fell 3 points in September, but remained in positive territory at 2.0 indicating “sluggish “ growth (a reading above 0.0 signals expansion).  The forward-looking indicator dropped 12 points to 13.7 points suggesting a significant downturn in optimism for 1Q2020 among NYS manufacturers responding.  “Capital spending plans weakened markedly“ to the lowest level in 3 years, according to the survey while price increases accelerated for inputs and finished goods.

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