Empire State Manufacturing Survey – Getting Ugly

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By John Galt
May 16, 2011

The Federal Reserve Bank of New York just released their monthly survey and the ugliest data point beyond a huge decline from last month was the fact that prices paid were the second highest on record. The reading was 11.88 for May vs. 21.7 in April and does seem to add more ammunition to my theory that the Fed will pull the monetary reigns in during the summer and help to create a recession or at least a massive slow down for the last two quarters of this year.

 

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