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17.06.2024

Manufacturing activity in New York State contracts less than expected in June

The New York Federal Reserve announced on Monday that its latest Empire State Manufacturing Survey found that manufacturing activity in the New York State shrank again in early June, albeit at a slower pace than in the previous three months. 

According to the survey, the NY Fed Empire State manufacturing index increased from -15.6 in May to -6.00 this month, indicating that business activity in the New York region’s manufacturing sector shrank for the seventh straight month, albeit the pace of decline was the weakest in four months. 

Economists had predicted the index to rise to -9.0.

Anything below zero signals contraction.

According to the report, the new orders index surged 15.5 points to -1.0, suggesting that orders were little changed in June, while the shipments index increased 4.5 points to 3.3, indicating a small advance in shipments. In the meantime, the unfilled orders index jumped 9.1 points to 1.0, signalling little change in unfilled orders, while the employment index fell 2.3 points to -8.7, pointing to an ongoing decrease in employment. The inventories index dropped 1.0 point to 1.0, indicating that inventories were flat. The delivery times index climbed 5.0 points to -4.1, suggesting that delivery times shortened. On the price front, the prices paid index slipped 3.8 points to 24.5 in June, while the prices received index plunged 7.0 points to 7.1 (its lowest level in about a year), indicating further moderation in price gains.

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