(Washington) The growth in manufacturing activity in the New York area stalled in August, registering a sharp slowdown 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 was significantly slower than last month’s record pace, ”the New York Fed said in a statement.
In detail, “new orders have increased modestly and shipments [de commandes] have increased slightly. Delivery times continue to lengthen substantially, and stocks have increased a little, ”according to this survey.
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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