U.S. New York Fed Empire State manufacturing index shows no signs of a stock rebound
May New York Fed Manufacturing Index
Survey period: May 2–9
New York State Manufacturing Conditions Index fell to -11.6 from 24.6 in April, worsening.
Price index is high. With ongoing Fed tightening, there is little expectation for a rebound in the economy.
Stock prices have already priced in a below-50 ISM index, but if the ISM index continues to decline, a rebound in stock prices is unlikely.
Given the New York State Manufacturing Conditions Index, which foreshadows the ISM index, there is little sign of a stock price rebound.
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