Economic News - September 15, 2008

Empire State Manufacturing Survey - September 2008

• Business Conditions Index: -7.4


• Monthly Change: 10 points


• New Orders Index: slightly above 0

Industrial Production - August 2008

• Industrial Production Index: 110.3


• (Base year 2002, Seasonally Adjusted)


• Monthly Change: Down 1.1%


• Manufacturing Change: Down 1.0%

China Sharpens Focus on Growth

China's central bank cut rates for the first time in more than six years, as concern over the U.S. reorders economic priorities.

ECB, BOE Pump Cash Into Markets

Central banks around the world pumped cash into money markets amid the turmoil
on Wall Street. Expectations are rising that rates will be cut.

Oil's Fall to $100 Brings Relief

Oil futures pushed lower Sunday even after Hurricane Ike forced shutdowns
of Gulf Coast refineries and platforms. Crude fell $2.09, or 2.1%, to
$99.09 a barrel.

Wall Street Convulsions May Further Erode U.S. Growth, Put Pressure on Fed

The Wall Street convulsions that
took down two of the largest investment banks in 24 hours
threaten to make it harder for consumers and companies to borrow,
push unemployment higher and put pressure on the Federal Reserve
to consider an interest-rate cut.

China May Cut Rates Again, Increase Lending, Spend More to Boost Economy

China may cut interest rates again,
ease limits on bank lending and boost spending to spur economic
growth after lowering borrowing costs for the first time in six
years.

Japanese Consumer Sentiment Falls to a Record Low as Inflation Quickens

Japanese consumers became the most
pessimistic they've been in at least 26 years, making it
unlikely they will spend to aid an economy weakened by slower
global demand.

German Investor Sentiment Probably Increased on Retreat in Oil Price, Euro

German investor confidence probably
rose for a second month after a decline in oil prices and a weaker
euro improved the prospects of Europe's largest economy, a survey
of economists shows.

Panama consumer prices up 0.4 pct in August

Canadian home resales cool in August

NY Fed manufacturing shrinks unexpectedly in Sept

US Aug industrial output drop biggest in 3 years