The Empire State Manufacturing Survey indicates that conditions for New York manufacturers worsened for a fourth consecutive month in September. The general business conditions index inched down one point, to -8.8. The new orders index held steady at -8.0, while the shipments index dropped sixteen points to -12.9. The inventories index, negative for a third month in a row, fell to -12.0—a sign that inventories continued to decline. After dropping significantly over the summer, the indexes for both prices paid and prices received climbed several points, suggesting that the pace of price increases picked up. Employment indexes were below zero, indicating that employment levels and hours worked fell over the month.
In other words it all sucks, basically - while prices are picking up again into collapsing demand.
What's worse is that the forward expectations for employment are now zero (no growth) and for the workweek are negative for the second month in a row. This is a seriously bad indication of forward economic activity, and comes into major softening in the other regional indices.
We're rapidly piling up the "recession" indicators, exactly as I expected would happen a year ago when the PPI changes started to come into the focus.
Brace for the impact folks - this ride is going to get very rough in the terms that matter the most to you - jobs.
