The index New York’s manufacturing empire has fallen sharply in August, sinking to -31.3 points from +11.1 in July. This is its worst result in 27 months, specifically since May 2020, when the city was immersed in the midst of the coronavirus pandemic.
According to the Federal Reserve Bank of New York, new orders and shipments plummeted, and pending orders decreased. Lead times held steady for the first time in nearly two years, and inventories increased.
Labor market indicators point to a small increase in employment, but a decline in the average work week. Although still high, the prices paid index fell, and the prices received index remained stable. Looking to the future companies do not expect much improvement in business conditions in the next six months.
Source: Fx Street