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- Growth of manufacturing activity in the New York region accelerates much more than forecast in July
Growth of manufacturing activity in the New York region accelerates much more than forecast in July
The
report from the New York Federal Reserve showed on Thursday that manufacturing
activity in the New York region grew at a record-setting pace in early July.
According
to the survey, NY Fed Empire State manufacturing index jumped from 17.4 in June
to 43.0 in July, pointing to a continuation of solid business activity growth
in the region. This was the highest reading on record.
Economists
had expected the index to come in at 18.0.
Anything
below zero signals contraction.
According
to the report, the new orders index surged 16.9 points to 33.2, and the
shipments index climbed 29.6 points to 43.8, pointing to a rapid expansion in
orders and shipments. Meanwhile, the delivery times index dropped 9.6 points to
20.2, indicating that significantly longer delivery times are an ongoing issue.
Elsewhere, the employment index went up 8.3 points to 20.6, indicating an ongoing rise
in employment. On the price front, both price indexes were at/near record
highs, indicating that price gains remain significant: the prices paid index slipped
3.0 points to 76.8, while the prices received index advanced 6.1 points to
39.4, its new record.
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