Washington (awp / dpa) – Growth in manufacturing activity slowed a bit in May in the New York area, despite a surge in new orders, and prices soared at record speed, according to the Empire monthly indicator State released Monday by the Fed.
The index measuring general business conditions fell from April, and stood at 24.3 points (-2 points), a steeper drop than expected by analysts who expected 25 points.
Prices, both for the purchase of spare parts and raw materials, and for sale at the other end of the chain, have accelerated at a record rate, driven by global supply difficulties. The index measuring them stands at 83.5 points, 8.8 points more than in April.
The index measuring new orders increased by 2 points to 28.9 points, but delivery times have lengthened.
To cope with this increase in demand, companies have increased the hours of their employees, rather than recruiting new ones.
The index measuring the number of employees is stable at 13.6 points, but that measuring weekly working time per employee increases by 6 points (18.7 points).
afp / jh
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