Empire Manufacturing

Prices Paid dropped sharply to 44.83 from 65.17.
New Orders 4.38 vs. -2.20
Inventories -2.30 vs 5.62
Employees -4.60 vs -4.49
Avg workweed -5.75 vs 1.12

The report overall was influenced by a large drop in prices as oil and commodities fell sharply.  Other components weakish to neutral.  But as mentioned earlier, the impact will be limited.

The Empire Manufacturing is due at 8;30.  The expectation is the index to move to 1.0, down from 2.8.  This is the first regional index.  Of course, the move whether it be up or down will be more than overshadowed by the volatility from the weekend events.  The economic backdrop is changing in real time. 

This was a touch weaker than expected.  Last month the index rebounded from -22 which was the lowest reading for the index.  Prices paid rises but do not have the pricing power to pass on to the consumers as the prices received declined.  Shipments were down sharply.  Below are the key components.

Much worse than expected.  Readings below 0 mean contraction in the manufacturing sector.  This is a record low for the index.

Concensus is for 20.0 versus expectations of 27.4 prior.