New York factory activity growth slows in September, missing forecasts

• September's reading of +7.6 was down from +20.6 in the prior month
• New orders came in at +2.0, a sharp drop from +17.3 previously
• Prices paid rose to +63.1, compared with +58.6 before
• Employment edged up to +10.6, versus +9.3 in the prior period
• The six-month outlook slipped to +29.0 from +32.1

The release is not usually a major driver for markets, but its timing on the morning of the first day of the Federal Reserve meeting gives it added significance, especially for dovish policymakers. The recent pattern of mixed economic readings makes it easy to see both factions becoming entrenched. With markets pricing in a 91% probability of a rate hike, any alternative outcome would be a major shock, though the remaining doves now have a little more evidence to point to.