US Economic Indicators Show Signs of Softening🔴
On the data front, U.S. Empire State manufacturing index dropped -6.5 points to -4.6 in October, with the employment index rebounding to 3.1 after slipping to -2.7 in September, while new orders dropped back to -4.2 after the September bounce. Prices paid were little changed, while prices received dropped to 7.9 points to 11.7 to show continued easing. The upcoming retail sales will be the main data for this week, with early hiring indications looking soft with Citi's credit card aggregate spending declining by 0.47% MoM in September, with declines across all major categories.
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