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Manufacturing activity, employment continue to decline, survey shows
Manufacturing activity Manufacturing activity fell for a fourth consecutive month in New York, according to the Federal Reserve Bank of New York’s Empire State Manufacturing survey. (file photo)
Manufacturing activity Manufacturing activity fell for a fourth consecutive month in New York, according to the Federal Reserve Bank of New York’s Empire State Manufacturing survey. (file photo)
Manufacturing activity, employment continue to decline, survey shows
Listen to this articleBusiness activity continued to decline in New York state, according to firms responding to the Federal Reserve Bank of New York’s April 2024 Empire State Manufacturing Survey.
While the general business conditions index rose seven points, it remained below zero at -14.3. New orders and shipments both declined significantly and unfilled orders continued to shrink. Delivery times shortened and inventories edged higher.
Additionally, labor market conditions remained weak, with employment and hours worked moving lower. The pace of input price increases picked up somewhat, while the pace of selling price increases held steady.
Though firms expect conditions to improve over the next six months, optimism remains subdued. The index for future business conditions dipped five points to 16.7, with only 37 percent of respondents expecting conditions to improve in the next six months.
Survey responses were collected between April 2nd and 9th.
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