Weak Results from Regional Feds
New York ISM Contracts For 3rd Month, Worst Streak In 7 Years
Confirming the weakness reported by regional Fed surveys, New York Purchasing Managers current business conditions contracted for the 3rd month in a row (at 49.2). This is the 5th contractionary print of the last six months and the weakest streak since 2009.
The outlook declined to 5-month lows as purchases, prices paid, and revenues all declined.