US NY Fed Manufacturing index for May -15.6 vs -16.00 estimate

• Prior -14.3

Details:

• Empire Manufacturing -15.6 versus -14.3 last month
• New orders -16.5 versus -16.2 last month
• Prices paid 28.3 versus 33.7 last month. Better
• Prices received 14.1 versus 16.9 last month. Better
• Number of employees -6.4 versus -5.1 last month
• Average work week -5.8 versus -10.6 last month
• Shipments -1.2 versus -14.4 last month
• Unfilled orders -8.1 versus -10.1 last month
• Delivery times -9.1 versus -7.9 last month

Expectations 6-month forward is showing:

• general business conditions 14.5 versus 16.7 last month.
• New orders 17.7 versus 17.9 last month.
• Prices paid 41.4 versus 40.4 last month.
• Prices received 24.2 versus 29.2 last month.
• Number of employees 6.3 versus 4.5 last month.
• Average employee work week 0.0 versus -4.5 last month
• Capital expenditures 2.0 versus 6.7 last month.
• Technology spending 5.1 versus 2.2 last month
• New orders 17.7 versus 17.9 last month.
• Shipments 12.6 versus 2.1 last month.
• Unfilled orders -2.0 versus 0.0 last month.
• Delivery time 4.0 versus -3.4 last month
• inventories -11.1 versus -11.2 last month

Overall, the data released today was on the tame side relatives expectations (CPI inflation still has to come down more with 0.1% to 0.2% type MoM numbers), but the NASDAQ and S&P index are both trading at what would be record closing levels today.

Yields are lower as well with the 2-year now approaching -10 basis points on day at 4.721%. The low rate 4.711% which is the lowest levels since April 5. The low yield level for the 2-year in 2024 was at 4.121% back on January 12. The high was at 5.046%.

This article was written by Greg Michalowski at www.forexlive.com.