Almost Everything About Today's 'Better-Than-Expected' NY Manufacturing Report Stunk

The headline number in the latest Empire State Manufacturing Survey was up big — +7.84 versus expectations for 0.0.

But every other component stunk, according to the report:

The new orders index slipped six points to -6.7The shipments index fell twelve points to -11.8And the unfilled orders index fell eight points to -14.5.The prices paid index held steady at 21.0, while the prices received index rose seven points to 11.3.

Worst of all, labor market conditions deteriorated.

The index for number of employees dropped to zero, and the average workweek index fell 10 points to -11.3.

Plus, the index for expected number of employees retreated to 1.6, and the future average workweek index declined eleven points to -9.7.

"Overall, the weaker breakdown of the Empire manufacturing suggests that manufacturer sentiment remained on the back foot headline into June, not boding well for a rebound in the ISM manufacturing’s fall into sub-50 territory," said TD Securities' Gennadiy Goldberg.

There are basically no subindicators showing trending improvements. Here are all the ones that have been going down over the past few months:

Meanwhile, the six-month outlook declined again — it's been happening for the past few months. This suggests that optimism about future conditions was weakening further.

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