Prior was +20.6New orders +2.0 vs +17.3 priorPrices paid +63.1 vs +58.6 priorEmployment +10.6 vs +9.3 priorSix monthis index +29.0 vs +32.1 prior
This report isn’t a big market mover but it lands on the morning of the first day of the Fed meeting so it will be notable, particularly for the doves. There has been so much of this back-and-forth with economic data that it’s easy to imagine either side digging in. The market is now 91% priced for a rate hike so it would be an incredible surprise if they went the other way but holdout doves just got a bit of ammunition.
For the hawks, prices paid rose again and are back near the highest levels since 2022.
“On the heels of strong growth in August, New York State manufacturing activity continued to pick up modestly in September. Employment grew at a solid pace, while pricing pressures intensified,” said Richard Deitz, Economic Research Advisor at the New York Fed in the release.
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This article was written by Adam Button at investinglive.com.