NY manufacturing activity deteriorates sharply in March
By Michele Maatouk
Date: Wednesday 15 Mar 2023
(Sharecast News) - Manufacturing activity in the New York region deteriorated sharply in March, according to data released on Wednesday.
The New York Fed's Empire State index fell to -24.6 from -5.8 in February, coming in well below expectations for a decline to -8.0.
According to the survey, 20% of respondents reported that conditions had improved over the month, while 45% said they had worsened.
The new orders index declined to -21.7 in March from -7.8 the month before, while the shipments index came in at -13.4 compared to 0.1.
The gauge for unfilled orders improved to -6.7 from -9.2, while the delivery time index was also up, at -7.6, from -9.2 in February. The inventories index deteriorated to -1.9 in March from 6.4 a month earlier.
The index for future business conditions was down 12 points to 2.9, suggesting that firms do not expect activity to improve much over the next six months.
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