Today, we had a few US economic releases that focused on industry. Empire State Manufacturing Index (November): 10.2Forecast: 12.1Previous: 6.2 (click to enlarge; source: forexfactory.com)Capacity Utilization Rate (October): 78.9%Forecast: 79.3%Previous: 79.2%Industrial Production m/m (October): -0.1%Forecast: 0.2%Previous: 0.8% (revised from 1.0%)All three data sets missed forecast. Manufacturing in NY State did improve from October's reading, but is off the strong readings it has shown over the summer, The capacity utilization rate fell, showing more slack, accompanying the fact that industrial production fell in October.At this rate, a manufacturing slow-down can effect the FOMC's schedule for a rate hike, but we should not be too concerned at the moment. However, if consumer demand does not pick up in Q4, and manufacturing remains light, we might have to revise the rate hike projection early in the new year.