Growth in manufacturing activity in the New York area stalled in August, slowing sharply after a record pace in July, but industrialists in the region remain optimistic about the months ahead.
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The index measuring this activity fell 25 points to 18.3 points, according to the Empire State monthly indicator released Monday by the US Central Bank (Fed). Analysts expected a much smaller drop, and saw the index settle at 26 points.
“Business activity continues to expand in New York State (…) although growth has been significantly slower than last month’s record pace.”, underlines the New York Fed in a press release.
In details, “New orders increased modestly and shipments (of orders) increased slightly. Delivery times continue to lengthen substantially, and stocks have increased a bit ”, according to this survey.
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The employment situation has also improved “modestly”. On the other hand, there is one area that is still experiencing strong increases: prices. Those of raw materials and spare parts “continued to increase strongly”, further underlines the New York Fed, noting a new record of increases in selling prices. However, companies expect the situation to improve on this point in the next six months. They remain generally optimistic about the situation.
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