US December Empire Fed +0.2 vs +10.0 expected | Forexlive

• Prior was +31.2

This is quite a drop from 31.2 but that’s looking like it was a big outlier, perhaps related to the election. The good news for the Fed here is that pricing indications are declining the bad news is that new orders are at a six-month low.

Another notable rise is in inventories, which rose at the highest pace since early 2023 while the future measure of inventories is the highest since early 2022; both likely on stockpile building ahead of potential tariffs.

Current Conditions:

Metric
Current
Previous
Change




General Business Conditions
0.2
31.2
-31.0


New Orders
6.1
28.0
-21.9


Shipments
9.4
32.5
-23.1


Unfilled Orders
-8.4
-10.3
1.9


Delivery Times
-7.4
3.1
-10.5


Inventories
10.5
1.0
9.5


Prices Paid
21.1
27.8
-6.7


Prices Received
4.2
12.4
-8.2


Number of Employees
-5.8
0.9
-6.7


Average Employee Work Week
-3.9
6.1
-10.0


Supply Availability
1.1
-4.1
5.2



Six Month Forward-Looking Indicators:



Metric
Current
Previous
Change




General Business Conditions
24.6
33.2
-8.6


New Orders
21.8
31.4
-9.6


Shipments
29.4
27.9
1.5


Unfilled Orders
8.4
5.2
3.2


Delivery Time
5.3
7.2
-1.9


Inventories
14.7
11.3
3.4


Prices Paid
42.1
48.5
-6.4


Prices Received
28.4
41.2
-12.8


Number of Employees
13.8
23.9
-10.1


Average Employee Work Week
9.5
3.1
6.4


Capital Expenditures
11.6
13.4
-1.8


Supply Availability
-4.2
1.0
-5.2