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Economy · Inflation · Manufacturing · New York
Factory activity in New York State grew less than expected in June, with the Federal Reserve Bank of New York's statewide manufacturing index dropping significantly to 5.7 from 19.6 in May, missing economists' consensus of 13.9 as polled by The Wall Street Journal.
The new orders index declined to 3.5, indicating only a slight increase in new business, while the shipments index registered 8.6, reflecting a modest rise in goods dispatched. Unfilled orders, however, increased, suggesting some backlog.
Economists, monitoring broader inflationary and supply-chain pressures exacerbated by the conflict in Iran, noted that input price and selling price increases remained elevated, according to the survey. Delivery times continued to lengthen, and supply availability worsened.
Despite these challenges, employment expanded for a fifth consecutive month, and firms maintained a fairly optimistic outlook for future business activity. This data, published by Dow Jones, highlights a mixed economic picture for the region.
