By Le Figaro with AFP
Published on 08/15/2023 at 15:06, Updated on 08/15/2023 at 16:03
Analysts were rather expecting a slight increase. TTstudio – stock.adobe.com
Manufacturing activity in the highly industrialized region of New York fell sharply in August compared to the previous month, taking analysts by surprise who had expected a slight increase. The index measuring this activity fell 20 points compared to July, to stand at -19 points, according to the monthly Empire State survey published Tuesday by the New York branch of the Federal Reserve (Fed).
The index thus took analysts who were counting on the contrary on a slight increase, to stand at 2.4 points, according to the consensus published by briefing.com. The decline concerns all the components of the index but is particularly marked on new orders, down 35 points to -19.9 points, and deliveries, which fell by 26 points to – 12.3 points.
The impact on employment is however limited, the sub-index concerning it remaining slightly negative at -1.4 points, alevel indicating little change in employment level“, according to the press release, but that on working time stood at -10.7 points, underlining a drop in weekly working time.
As for prices, they continue to increase but at a slower pace than that observed in previous months, the statement said. While the trend is negative in the short term, companies remain positive for the coming months, with the index on future conditions rising 6 points to 19.9 points, its highest level in a year.
2023-08-15 13:06:51
#United #States #Sharp #fall #manufacturing #activity #York #August
