Ahead of the Bell: Regional Fed surveys |
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Thu, 15 Nov 2007 12:16
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WASHINGTON (AP) - Wall Street expects a pair of economic surveys by Federal Reserve banks to show slowing growth in the Philadelphia and New York regions in November.The Philadelphia Federal Reserve is forecast to report that its manufacturing index fell to 5 in November from 6.8 in October, according to a consensus estimate of Wall Street economists surveyed by Thomson/IFR. The data is scheduled to be released at noon EST.The New York Fed's Empire State Manufacturing Survey, meanwhile, is expected to drop to 19 in November from 28.8 in the previous month, according to the consensus estimate compiled by Thomson/IFR. Results of that survey are scheduled to be released at 8:30 am EST.For both surveys, a figure above zero indicates regional manufacturing is growing, while a number below zero indicates decline.The New York data is compiled from a survey of approximately 100 manufacturing executives in New York state, while the Philly Fed survey covers eastern Pennsylvania, southern New Jersey and Delaware.Economists at Nomura Securities said the New York survey, which reached a three-year high in October, has shown that manufacturing activity in New York is stronger than it is nationwide.The Philly Fed survey, meanwhile, has wavered in recent months, Nomura said, reflecting 'the uneven but moderately slow pace of manufacturing activity nationwide.'Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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