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Chapter 3. The Most Influential U.S. Eco... > Regional Federal Reserve Bank Report...

Regional Federal Reserve Bank Reports

Every month, investors, economists, CEOs, and Washington policymakers are besieged by a multitude of surveys that claim to measure manufacturing activity in every nook and cranny of the country. The best known ones come from the Institute for Supply Management (ISM) and the government's own industrial production index. However, there are also a slew of reports published by regional Federal Reserve Banks around the country, and some of them are beginning to influence trading in the stock and bond markets. We'll focus on five of the most widely read.

The first to be released each month also happens to be the newest of the Fed surveys, and it's already turning heads. The Federal Reserve Bank of New York first published the Empire State Manufacturing Survey in 2002, and for a few months, it went virtually unnoticed. The report began to catch the eye of investors once they realized its quick turnaround—the Empire survey comes out in the middle of the month being covered—and how well it serves as a reliable leading indicator of manufacturing activity of other Fed bank surveys.


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