Amid the last month's absence of hard economic data, investors have had to rely on soft survey data (and alternative providers) and that has been somewhat optimistic...

Today, we saw yet another soft survey data point beat expectations as the NY Fed's 'Empire State Manufacturing Survey' surged to +18.7 from +10.7 and smashing expectations of a +5.8 print...

“Manufacturing activity grew at a solid pace in New York State, with the survey’s headline index reaching its highest level since last November," said Richard Deitz, Economic Research Advisor at the New York Fed.

Gauges of new orders and shipments also advanced to the highest in a year.

The overall outlook over the next six months moderated but has been positive for most of the year.

A measure of factory employment edged up and a gauge of hours worked climbed to the highest since May 2022 against the backdrop of steadier demand. The outlook for employment in the next six months climbed to the highest since the start of the year.

Additionally, The Fed’s report showed gauges of prices paid for materials as well as a measure of prices received both eased. Forward-looking metrics for both also cooled.

Finally, we find it interesting that this survey soared after the election of Marxist sympathizer Mamdani as NYC mayor?