Business Conditions in NY Fall by Seven Basis Points but Firms Remain Optimistic

Source: Federal Reserve Bank of New York

General business conditions index in New York State fell by seven basis points to a lower level of 17.4 in June as activity expanded at a slower pace compared to May. DXY is up +0.04%, DJI is down -0.36%.

Shipments and new orders rose moderately, with a surge in unfilled orders.

Lead times rose at a record pace, with input prices rising at the back of falling inventories.

Employment and average workweek grew moderately.

Manufacturing activity remained robust despite expanding at a slower phase compared to previous few months.

Amid slowing growth in business activity, optimism of future conditions jumped by eleven points to reach 47.7.

Future employment optimism grew to a record 41.7, with 45% of firms saying they expect to increase hiring in the next six months.