NEW YORK (Dow Jones) — Business activity in the New York metro area manufacturing fell sharply in August. The Federal Reserve Bank of New York’s index of general business activity in the district’s manufacturing sector fell to minus 19.0 (July: plus 1.1) points. Economists polled by Dow Jones Newswires had only forecast a decline to minus 1.4.
A value above zero signals an expansion, a level below a contraction. The index provides a good insight into the assessments of the situation and the six-month expectations of the manufacturers in New York.
The index component for incoming orders fell to minus 19.9 (plus 3.3) points and the sub-index for employment to minus 1.4 (plus 4.7) points. A value of plus 12.6 (plus 3.9) was reported for the prices achieved.
The New York Business Index is usually the first regional indicator released by Fed branches in a month. Economists consider it, like the Philadelphia Fed indicator, to be a relatively reliable precursor to the much-regarded ISM index for US manufacturing.
2023-08-15 12:40:42
#York #economic #index #crashes #August
