Empire State Mfg Survey

http://mam.econoday.com/byshoweventfull.asp?fid=451407&cust=mam&year=2012&lid=0#top

Highlights
Weakness in orders points to slowing activity ahead for the New York region's manufacturing sector and undercuts a rise in the report's general business conditions headline. New orders fell to minus 2.69 to indicate monthly contraction from what was no more than very soft growth in June at plus 2.18. Unfilled orders are also contracting, at a very steep minus 13.58.

For the record, the headline index rose more than 5 points to 7.39 to indicate monthly growth in general business conditions. But this growth won't go very far if orders are contracting. The pace of shipments is rising this month as is employment which, at 18.52, put in an especially good showing. Price pressures in the region are moderating.

The orders readings in this report unfortunately fall in line with two months of prior weakness in the Philly Fed report and the dismal ISM national report posted at the beginning of the month. There's plenty of warning signs right now that the manufacturing sector is slowing this summer. The Philly Fed report for July will be out on Thursday.