Washington (awp/afp) – Manufacturing activity in the New York region picked up in June but not enough to erase the sharp contraction recorded in May, according to the Empire State monthly index published on Wednesday by the American central bank (Fed) .
The index gained 10.4 points but remains in negative territory (-1.2 points), according to this survey of industrialists in the region. Activity is considered contracting when the index is below zero.
Analysts for their part anticipated a slight increase in activity (3 points).
New orders, which had fallen sharply in May, are back in the green (5.3 points), as have shipments of goods (4 points).
In addition, unfulfilled orders fell 6.9 points to -4.3 points, “for the first time in a year,” the Fed said. This probably reflects an improvement in supply chains.
The component measuring prices paid, on the other hand, continued to climb to a record level (78.6 points).
The Fed believes that the level of activity remains generally “solid” in June as well as employment growth.
Still, 28% of respondents said the economic environment had improved over the month, and 29% said conditions had worsened.
With regard to the future economic situation, optimism has “moderated for a third consecutive month”, underlines the Fed.
The component measuring the economic environment for the coming months thus fell by 4 points, to 14.
“Delivery times should decrease over the next six months, as should order intake, while price increases and employment should continue”, finally anticipates the institution.
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