Manufacturing activity in the New York area took a downturn in July, according to the latest data from the Federal Reserve Bank of New York. The general business conditions index fell to -6.6, a drop from June's -6.0, contrary to economists' expectations of stability. This index, a critical indicator of the manufacturing sector's health, suggests contraction when below zero. It also offers valuable insights into the current state and six-month outlook for New York manufacturers.
These poor economic data from a crucial sector of the US economy will further increase the pressure on the fat cat to cut interest rates quickly. The effect of a slowing economy on the labor market can no longer be overlooked. Here it is the state that is only creating pseudo-jobs while the private sector is apparently already in crisis.
The world is waiting for the fat cat to finally lower interest rates and provide more and faster liquidity to restart the credit engine. The pressure is growing, but so far it does not look as if there will be any decisive interest rate moves to report from New York, especially in the Europeans, who are suffering extremely from the interest rate competition, which is putting additional pressure on their ailing economy.
What are some low hanging fruits that could legitimately improve the economy?
any form of privatization
Any reduction in federal payrolls and headcount
Any reduction in taxation
Now that it’s pretty clear Trump is going to be the next president, I don’t see rate cuts coming anytime soon.
I expect they’ll wait until inflation is back to “normal”.
same
his hurdle is higher
We saw this in 2019 with Powell
I personally expect Powell to help Trump with a fast rate cut cycle to overcome the post-fiscal debacle phase that Brandon is leaving to him
It's just about NY or the whole US? Manufacturing industry in US might get a hit but the fiat is still going strong!
this refers to the New York metropolitan area and is therefore representative
I think they aren't going to lower till the year end.