New York region: manufacturing activity slows sharply in August

Manhattan neighborhood in New York (Photo: 123RF)

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Manufacturing activity in the New York area, after resuming growth in July, slowed sharply in August but remained in the green, according to the Empire State monthly index released Monday.

The index fell to 3.7 points, after having climbed to 17.2 points in July after four months of decline under the effect of the COVID-19 pandemic, details the New York Fed, which realizes this survey of industrialists in the region.

It is well below expectations of analysts, who saw it drop to only 15.0 points, but remains in the positive, meaning that activity continues to grow.

In April, the index had fallen to -78.2 points, its lowest level in history.

New orders have changed little and shipments have increased a little, notes the regional office in the press release.

Delivery times have been reduced a bit.

Businesses in the region remained optimistic about the six-month outlook for activity, although that optimism has eroded somewhat for the second consecutive month.

Employment levels increased slightly while weekly working hours declined.

The increases in the purchase prices of raw materials and parts were little changed from July, but the selling prices rose slightly above zero, “which means that the selling prices rose for the first time. since March ”.

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