(Washington) Manufacturing activity in the heavily industrialized region of New York fell sharply in August compared to the previous month, taking analysts by surprise, who had been anticipating a slight increase.
Posted on August 15
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 fall concerns all the components of the index, but is particularly marked on new orders, down 35 points to settle at -19.9 points, and deliveries, which fall by 26 points to reach -12.3 points.
“The fall observed seems to be more cyclical than trend,” however, relativized in a note Kieran Clancy, analyst for Pantheon Macroeconomics, “it is necessary to have data from other regions before drawing any conclusion at the national level”.
The impact on employment is however limited, the sub-index concerning it remaining slightly negative at -1.4 points, a “level indicating little change in the level of employment”, according to the press release, but that on the working time stood at -10.7 points, highlighting a drop in weekly working time.
On the price side, 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 13:51:52
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