At The Risk Of Extrapolating…

At The Risk Of Extrapolating…

Maybe the Delta variant drag on the US economy will prove fleeting. For the manufacturing sector, anyway. To the extent you can draw any tentative conclusions from the September vintage of the New York Fed's Empire survey, that's probably as decent a read as any other. At 34.3, the headline print was well ahead of estimates (figure below). Consensus was looking for 17.9. The beat came as something of a relief. The decline in August was the largest since the original pandemic lockdowns. New
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