A closely followed gauge of manufacturing in the New York area fell this month to its lowest level in nearly three years.
Internally, the measure showed sharply diminished business expectations across a number of categories.Employment also looked bleak, falling to -3.5, its first negative print in more than two years. The average work week also declined to -2.2, while the prices paid component was little changed at 27.8. However, the prices received index declined 6 points to 6.8, the fourth month in a row for a decline "pointing to an ongoing deceleration in selling price increases," the release stated.
"Bottom line, and I'll be blunt, this number was terrible. It's hard not to think this is all about tariffs and what it is doing to business confidence," Peter Boockvar, chief investment officer at Bleakley Advisory Group, said in a note. "We don't even need actual tariffs, just the threat of them now on anything and anybody to address issues that have nothing to do with trade also adds a whole new layer of uncertainty.
Also, the capital expenditures index, a measure of where businesses plan on investing in new equipment and plants, tumbled 16 points to 10.5, while the technology spending index slumped 10 points to 12.8.
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