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🇺🇸 Empire State slumps to 5.7 as stagflationary data hands Warsh the perfect case for silence
The day in view

🇺🇸 Empire State slumps to 5.7 as stagflationary data hands Warsh the perfect case for silence

Macro Soup Newsroom Macro Soup Newsroom 2 min read

Empire State fell to 5.7 in June from 19.6, badly missing the 13.2 consensus. New orders collapsed to 3.5 while prices paid held at 61.0. The stagflationary split hands the Fed no clean signal heading into Warsh's first FOMC meeting.

Bar and line chart of Empire State Manufacturing Index (yellow bars) vs. Philadelphia Fed Survey (white line) from Jun-23 to Jun-26.
Empire State Manufacturing Index fell to 5.7 in June from 19.6, missing consensus and signaling a sharp slowdown in regional factory activity ahead of Chair Kevin Warsh's first FOMC meeting. Source

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