With Echoes of the 2008 Crisis, What's Next for the NY Economy?
August 23, 2022
The Empire State Manufacturing Survey Diffusion Index is back to levels seen during the 2008 Global Financial Crisis. New York is an enormous population center that drives consumption of products across other regions. Are merchants and producers going to reorder inventory given this negative sentiment?
Higher interest rates may have already caused irreparable harm to demand, and tax revenues driven by business activity are at risk. In the face of a massive deficit along with demand destruction, central authorities may, once again, have only one option: borrow and inflate.
Confidentiality Notice: This e-mail, and any attachments, contains information that is, or may be confidential or proprietary in nature. If you are not the intended recipient, please be advised that you are legally prohibited from retaining, using, copying, distributing, or otherwise disclosing this information in any manner. Furthermore, this communication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell securities or any product.
© 2023 Horizon Kinetics LLC ®. All rights reserved.