The New York Fed reports the Empire State manufacturing survey fell to 5.2 in April down from a two-year high of 16.4 in March. Consensus expectations were for a reading near March’s levels. Since it was above zero conditions are improving. New orders and shipments fell but prices paid and number of employees increased.
The National Association of Home Builders/Wells Fargo housing market index fell 3 points to 68. Any reading over 50 is good. It hit an 11-year high in March. Current sales conditions also fell by 3 to 74, though it’s been over 70 for five straight months.
The dollar is down on tension between the U.S. and North Korea following a massive parade showing off its military capability and unsuccessful missile launch ordered by leader Kim Jong-Un, over the weekend. The ICE U.S. Dollar index which measures the greenback’s strength against a basket of six rival currencies, is off 0.4%. Vice President Michael Pence is visiting South Korea. He warned the North not to test President Trump’s resolve.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
