US Empire Manufacturing Sees Worst Drop Since March

A survey of manufacturing activity in the New York region printed considerably worse than expected, with the headline index a whopping 10.36 off of its August pace. The shocking drop came on a tumble in new orders, with the sub-index at its worst since May. This unsurprisingly led to a sharp drop in Shipments at 5.09 from 28.82.

Yet all was not lost on the relatively significant manufacturing index, as Prices Received actually rose to 11.70 from 3.23 previous. Prices Paid were likewise elevated at 35.11–up 0.7 from August levels.?