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US regional surveys point to further drag near term

FXStreet (Bali) - The results from the Empire State manufacturing and Philly Fed surveys, according to Nomura, remain consistent with their call that the industrial sector in the United States will be one of the laggards for growth near term.

Key Quotes

"The results from the Empire State manufacturing and Philly Fed surveys showed that manufacturing activity remained weak in October."

"The headline Empire State manufacturing index remained in negative territory at -11.4 from -14.67, previously, while the Philly Fed index stands at -4.5 from -6.0, previously."

"The details of the reports were also quite disappointing and suggest that industrial activity in the Northeast will likely slow further in the near term."

"The bottom line is today’s report on regional business activity suggest that demand is weak. With the dollar likely to remain elevated and oil prices unlikely to rebound strongly in the near term, industrial activity is unlikely to rebound any time soon."

"Indeed, both New York and Philadelphia Fed districts reported in the Beige Book yesterday that manufacturing activity had declined over the reporting period and some business contacts raised concerns about the stronger dollar."

"These reports remain consistent with our call that the industrial sector will be one of the laggards for growth in the near term."

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