New York Fed manufacturing index falls short of expectations
While the New York Fed manufacturing index missing expectations points to a slowdown, the prices paid index reached a four-year high.
The New York Fed manufacturing index fell short of the market expectation of 15.0, revealing a slowdown in manufacturing activity.
Production and Shipment Status
In a period where new orders recorded only a slight increase, shipments experienced a moderate decline and delivery times lengthened significantly.
Employment and Working Hours
On the employment side, the employee index remained at 10.6, maintaining its solid course, while the average weekly hours index rose to 17.
Inflation and Cost Pressures
The prices paid index increased by five points to 63.1, settling just above its highest level in the last four years.
Future Expectations
Despite cost pressures, firms maintained their optimism by expecting increases in orders, shipments, and employment in the upcoming period.