The index New York Fed’s manufacturing empire has suffered a big setback in August, falling to 18.3 points from July 43, well below the 29 expected.
Business activity continued to expand in New York State, according to companies responding to the Empire State Manufacturing Survey for August 2021, although growth was significantly slower than last month’s record pace. New orders increased modestly and shipments increased slightly. Delivery times continued to lengthen substantially and inventories were somewhat higher.
Employment and the average work week increased modestly. Input prices continued to rise sharply, and the pace of increase in sales prices set another record. Looking ahead, companies remained optimistic that conditions would improve over the next six months, and substantial increases in employment and prices are expected.
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