New York State Manufacturers Remain Optimistic as Business Activity Hold Steady

Source: New York Fed 

New York State manufacturers’ general business conditions index maintained at 31.9, with most firms remaining optimistic over the six-month outlook. SPY is up +0.065%, DXY is down -0.04%.

• Unfilled orders increased on rising demand, with the index up six points to 19.0, which also saw substantial gains in shipments. Both new orders and shipments index held steady at 27.1.
• Lead times lengthened significantly, with the index falling nine points to 23.1 while inventories increased. 
• Employment among manufacturing firms rose, with the gauge of employees at 21.4, while the index for average workweek was down to 12.1, indicating a rise in the hours worked.
• Cost pressures eased from November but remained high, with prices paid index down three points to 80.2, while prices received declined by six points to 44.6.
• Manufacturing firms project higher costs and delivery challenges as potential headwinds in the coming months but remain optimistic as future business conditions index held steady at 36.4.