Manufacturing activity in the New York area deteriorated very sharply in August, according to the Empire State index which plunged 42 points to -31.3 this month, and while economists were certainly expecting it to be in decline, but still in positive territory.
The New York Fed says new orders and shipments plunged, unfilled orders fell and labor market indicators pointed to a slight increase in employment, but a decline in the average workweek. .
‘Although it is still high, the index of prices paid has fallen and that of prices received has remained stable. Looking ahead, companies did not expect a significant improvement in trading conditions over the next six months.
Copyright (c) 2022 CercleFinance.com. All rights reserved.