Fall of the Empire: NY Fed Index posts second largest decline on record

Wells Fargo Research Team Wells Fargo

Summary

The Empire Index posted its second largest decline on record in August. At a time when financial markets are coming to grips with whether the economy is currently in recession or heading into one, this is not an encouraging development for measures of industrial production—one of the four key categories watched by the NBER's dating committee to determine the starting date for a recession.

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Wells Fargo Research Team

Wells Fargo

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