Empire State Index plunges to worst level since recession in August

The survey of producing crops within the state is among the earliest month-to-month guideposts to circumstances.

Senior Economist with the New York Fed, Richard Deitz says this report didn’t come as a complete surprise. However, considering how New York City is redefining manufacturing, the true impact of that conclusion would seem to hit outside the city’s borders.

The index reading indicates business activity declined for New York manufacturers in August, the Federal Reserve Bank of New York said in a news release posted on its website on Monday.

We’ll be back with the latest at the bottom of the hour.

Manufacturers in the U.S. have struggled with a number of issues including weak economies in China and Europe, which have cut into their exports.

The National Association of Home Builders/Wells Fargo sentiment index rose to 61, the highest level in almost a decade, up from 60 in July.

If that data also shows sharp falls “we’d definitely be starting to talk about whether there’s a reason to be concerned and it would begin to become an issue the Fed started talking about as well”, Bruce Kasman, head of economic research at JP Morgan, told City AM. US crude futures fell as low as US$41.64. Minutes from the Federal Open Market Committee’s July meeting are due Wednesday, but anyone looking for clear signals on rate-hike timing are likely to be disappointed (http://www.marketwatch.com/story/fed-minutes-wont-feature-any-pounding-on-the-table-for-rate-hike-2015-08-16), economists predict.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday.

Goldman Sachs is extending that theme, with its chief equities strategist David Kostin saying he thinks the S&P 500 will trade in a narrow range from now through the rest of the year.

Indexes for future prices paid and received advanced. France’s CAC 40 Index climbed 0.6 percent. Benchmark 10-year notes were last up 13/32 in price to yield 2.15 percent, down from 2.18 percent before the data.