U.S. Empire Stare manufacturing PMI preview

U.S. Empire Stare manufacturing PMI preview: the index should fall -5.9 points to 26.0 in January after edging up 1 tick to 31.9 in December and 11.1 points to 30.9 in November. The index was at an all-time high of 43.0 in July. But the index was boosted by a jump in unfilled orders, not necessarily a good sign for the economy. Indeed, the ISM-adjusted measure bucked the headline rise with a -2.0 point drop, though to a still-robust 60.3 from 62.3 in November (and versus the all-time high of 63.1 in September, as was also seen in July). Producer sentiment continues to oscillate around all-time highs, despite supply chain disruptions and an assumed eventual pull-back in the various measures to more historically typical levels. Producers are benefiting from strong demand in the face of lean inventories, as captured by robust prices paid and prices received levels despite December pull-backs.