By Le Figaro with AFP
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Manufacturing activity in the New York area in the northeastern United States contracted again in February, a little less than expected, however, but the level of employment fell for the first time in more than two years.
The index measuring the evolution of this activity climbed 27 points compared to January, to settle at -5.8 points, according to the monthly Empire State survey, published on Wednesday by the New York branch of the American central bank (Fed) and carried out with industrialists in the region. This is much better than expected, however, since analysts saw the index settle at -19.0 points.
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Activity therefore continues to contract compared to January, since the index remains below zero, but less sharply. In January, it reached its lowest level since mid-2020, in the midst of the Covid-19 pandemic. Measured in a highly industrialized region, the New York State manufacturing activity index is considered a good barometer of the evolution of the American economy.
«New orders fell slightly, while shipments remained stable. Delivery times have shortened and stocks have increased slightly“, Details the New York Fed. While the United States has been experiencing a labor shortage for nearly two years, driving up wages in the midst of high inflation, “employment levels fell for the first time since the start of the pandemic“, notes this survey.
Inflation remains strong, and the rise in prices, both buying and selling, was even higher than last month. Despite this, industrialists in this region are optimistic, and expect an improvement in economic conditions and their business in the months to come. Inflation slowed down a little in January over one year, according to the CPI index published on Tuesday, to 6.4% over one year, against 6.5% in December. But it accelerated again over a month, to 0.5% against 0.1%, for the first time since September.
