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Below is a chart and brief excerpt from today’s Market Situation Report written by Tier 1 Alpha. If you’re interested in learning more about the Hedgeye-Tier 1 Alpha partnership, there’s more information here. |
The market is consumed with other headlines; yesterday, the empire manufacturing data got lost in the shuffle between the strong retail sales data and the world-ending news cycle.
Highlighting the persistent weakness in the manufacturing sector, the New York Empire State Manufacturing Index rose to -14.3 in April 2024 from -20.9 in the previous month but remained in negative territory for the fifth consecutive month. Despite the slight improvement, the reading missed market expectations of -9.0, underscoring the ongoing contraction in manufacturing activity in the New York area.
The data revealed a significant decline in new orders and shipments, while unfilled orders continued to shrink, reflecting subdued demand conditions. Delivery times shortened, and inventories edged higher, suggesting a mismatch between supply and demand. The labor market remained under pressure, with employment and working hours moving lower.
On the price front, input cost inflation picked up somewhat, adding to the challenges faced by manufacturers, although selling price inflation held steady. Business optimism remained subdued despite firms expressing expectations for improved conditions over the next six months into Summer.
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Learn more about the Market Situation Report written by Tier 1 Alpha. |
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