The Empire State indicator fell by 15 points, to fall to -11.8 points, disappointing the expectations of analysts who had rather predicted an increase in the index to 9 points.
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Manufacturing activity in the New York area contracted in March for the first time since mid-2020, and the index fell to its lowest level since May 2020, according to the Empire State indicator published on Tuesday. by the regional branch of the Federal Reserve (Fed).
The index measuring general activity fell 15 points to -11.8 points. It thus fell below the zero mark, which means that activity was less important than the previous month.
Analysts had not anticipated this fall in activity, and even saw the index climb to 9 points.
“New orders and deliveries were down slightly, but order books were up. Delivery times continued to lengthen significantly, and inventories increased,” details the New York Fed.
And while inflation in the United States is at its highest in 40 years, the index measuring the prices received by manufacturers from their customers “has reached a new record”, while the prices paid to suppliers remain “very high”.
As for employment, the index measuring it observes a “modest increase”.
Business leaders, however, are more optimistic than in February that conditions will improve over the next six months.
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