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- Manufacturing activity in the New York region expands at slower pace in March
Manufacturing activity in the New York region expands at slower pace in March
The report from the
New York Federal Reserve showed on Friday that manufacturing activity in the
New York region expanded in March at a slower pace than in February.
According to the
survey, NY Fed Empire State manufacturing index stood at 3.70 this month
compared to an unrevised 8.80 in February. That was the lowest reading since May
2017.
Economists had
expected the index to come in at 10.
Anything below zero
signals contraction.
The new orders index dropped
five points to 3.0, indicating that orders grew at a slower pace than last
month, while the shipments index decreased three points to 7.7, the lowest
reading in more than two years. At the same time, the index for number of
employees surged ten points to 13.8, pointing to an increase in employment
levels, though the average workweek index turned negative for the first time
since 2016. With regard to inflation, the prices paid index rose seven points
to 34.1, indicating a pickup in input price increases, while the prices
received index decreased five points to 18.1, suggesting that selling price
increases slowed.
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