The Empire Manufacturing Index plunged to 5.08 on consensus expectations of the "experts" of 18 (prior level was 19.57). This startling drop was driven by a contraction in virtually all categories:
New Orders (10.13 from 17.53)
Shipments (6.31 from 19.67)
Unfilled Orders (-15.87 from -1.23)
Prices Received (-1.59 from 4.94)
Average Employee Workweek (-9.52 from 8.64)
Initial Jobless Claims came in at 429,000 from 458,000 the week before. Department of Labor had to throw many darts in order to figure out the seasonal adjustment factor due to various auto companies stating they would continue summer production versus the normal summer plant shutdown.
NOTE: the Non Seasonally Adjusted number for the week surged from 468,492 to 513,347. The Department of Labor simply waved their magic wand and seasonally adjusted out 84,347 individuals filing initial claims.
Continuing claims were reported at 4.68 million versus the pundits expectation of 4.4 million and the 4.68 million figure is +247,000 from prior week.
Let the robot trading games begin!
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