Manufacturing in New York declined for the first time since the start of the COVID-19 pandemic in March, falling to its lowest level in nearly two years.
- Business output fell for the first time since mid-2020, with the general business conditions index down by 15 points to -11.8. This is the lowest level in 22 months since May 2020.
- Declines were recorded in new orders and shipments, while increases were recorded in unfilled orders, delivery times, and inventory. Employment also increased, bringing the average workweek slightly higher.
- Prices paid for the month declined by three points to 73.8, while prices received jumped by two points to hit a fresh all-time high of 56.1. This indicates significant increases in both input prices and selling prices.
- Optimism for the next six months also increased, up by eight points to 36.6. Firms also expect delivery times, prices, and employment to increase in the coming months while capital spending allocations were unchanged.
NYF is down 0.18%.
Source: New York Fed
