The New York Federal Reserve Bank’s Empire State manufacturing index fell to a seasonally adjusted reading of 9.8 from 19.8 in June. Economists expected 15. Readings above zero indicate improving conditions. New orders, shipments, inventories, delivery times, and number of employees all fell. The index has been positive for six out of seven months so far this year.
Oil prices are struggling for direction after their big 5% gain last week, as traders weigh signs of ongoing growth in U.S. crude production against support from stronger global demand. August crude is up $0.01 to $46.52 a barrel. China said today that its domestic daily crude production averaged some 4 million barrels a day in the first half of 2017, down 5.1% from a year earlier. That as imports rose 14% to an average 8.5 million, cementing China’s position as the world’s leading energy importer, and the country’s economy growing a stronger-than-expected 6.9% in the second quarter.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.