Empire State Manufacturing index at -11.7 confirms US economic depression has reached the main streets- Dow headed below 10,000
Sam Adelton
Feb. 15, 2008

The Federal Reserve Bank of New York said that its Empire State Manufacturing survey showed business conditions deteriorated markedly in February, with the index at -11.7, falling below zero for the first time since May 2005.

It is another confirmation of US economic depression. The economists and the politicians do not want to utter the D word. But now it is clear that the bubble bursting effect in financial leverage markets have reached the main street dragging the consumer and business confidence with it. The gauge of manufacturing in New York State fell to its weakest level since April 2003.

The biggest problem for the economy is not the residential real estate. It is the financial meltdown of US and some European investment banks. The leveraged debt bubble has burst and the bubble was so big that no one even understood the extent of possible losses.

Empire State Manufacturing index at -11.7 confirms US economic depression has reached the main streets- Dow headed below 10,000
Sam Adelton
The Federal Reserve Bank of New York said that its Empire State Manufacturing survey showed business conditions deteriorated markedly in February, with the index at -11.7, falling below zero for the first time since May 2005.
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