New York Manufacturing Activity Falls for the First Time in Almost 2 Years in March

gSource: New York Fed

The general business conditions index gauging manufacturing in New York State dropped by fifteen points in March to mark the lowest level since May 2020 of -11.8. SPY is up +1.25%, DXY is down -0.23%.

• 24% of manufacturing firms said conditions have improved in the last one month, lower than 35% who pointed to worsening situations.
• Modest declines were noted in new orders and shipments, with the indexes down to -11.2 and -7.4, respectively. Unfilled orders rose, with the index holding at 13.1. 
• The month saw delivery times rise substantially, with the index up eleven points to 32.7. Inventories also rose substantially.
• Costs remained elevated, with the prices paid gauge down by three points to 73.8. The prices received index increased by two points to a record high of 56.1.
• Employment levels rose only modestly, with the index for the number of employees falling by nine points to 14.5. The gauge for the average workweek index fell to 3.5.
• Despite the decline in manufacturing, firms remained optimistic, with the index for future conditions edging higher by eight points to 36.6.