Empire Manufacturing vs Philly Fed

With the two states sharing a border, the economies of New York and Pennsylvania are certainly similar, but they do not always move in the same direction.  A case in point is the August Empire Manufacturing and Philly Fed reports.  The August reports for both indicators have now been released, and as shown in the chart below, the General Business Conditions indices for the two reports are moving in opposite directions.  While the Philly Fed report showed improvement this month, the Empire Manufacturing report declined (gray shaded area).  Granted, this month's divergence can probably be attributed to the Empire report playing catch up relative to Philly (Philly is still more negative than Empire), but it just goes to show that regions that share the same geography don't always see identical business conditions. Continue reading.

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