The Empire State index of the local branch of the Fed fell by seven points compared to the previous month, to settle at -4.6 points. Analysts were counting on a smaller decline.
Manufacturing activity in the highly industrialized New York region plunged again in October, sinking more than expected, after slight growth in September, mainly due to new orders.
The index measuring this activity fell by seven points compared to the previous month, to settle at -4.6 points, according to the monthly Empire State survey published Monday by the New York branch of the Federal Reserve (Fed ).
This is a slightly more marked drop than expected, with analysts having rather expected a decline of up to -4 points, according to the consensus published by briefing.com.
“New orders fell slightly while deliveries showed little change. Unfilled orders are down slightly and delivery times have shortened,” detailed the New York Fed in its press release.
On the labor market side, the indicators highlight a “slight increase in both employment and the average length of the working week”.
As for inflation, it still remains stable for supplies and raw materials, and the rise in sales prices has slowed.
For the next six months, companies remain “rather optimistic” for activity.
The New York Area Manufacturing Activity Index is considered a reliable barometer of the U.S. economy.
2023-10-16 14:30:28
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