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New York Is in Trouble & So Is the Rest of the U.S.

Posted June 19, 2008

“Whether the rest of the country likes it or not, both Wall Street and Washington place enormous confidence in the predictive powers of the Federal Reserve Bank of New York’s Empire State Manufacturing Survey.” — Adam Lass

by Adam Lass

Baltimore — (TFN): As goes New York, so goes the nation.

That motto may seem like typical NYC bluster. But, whether the rest of the country likes it or not, both Wall Street and Washington place enormous confidence in the predictive powers of the Federal Reserve Bank of New York’s Empire State Manufacturing Survey.

Unfortunately for Wall Street bulls, this week’s report is bleeding red ink.

To give you some highlights, manufacturing activity is deteriorating; general business conditions are falling; new orders, shipments, and unfulfilled orders were negative (and lower than May levels); employment indexes hovered around zero and in every broad category of spending, respondents indicated a cutback.

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And those are just highlights!

This report places Fed Chairman Ben Bernanke in an incredible bind. You see, the principle drag on the economy right now is high raw material and energy costs. Those high costs are feeding inflation. Read on to find a chart of Empire State Manufacturing performance and learn how you can profit from New York’s pain.

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