[Empire State Mfg Survey (Jan)]
IFR looks for the Empire State index to slip to 19.0 from 23.1 in December. Such a reading would be in line with its six month average and consistent with respectable, albeit more modest growth in factory activity in the region. Look for further slippage in the price indexes and more modest growth in new orders and shipments.
Recall that the headline figure is not a composite index but a query of general business activity. This release should help set the tone for the Philly Fed release later in the week as well as solidify expectations for the national ISM report two weeks later.
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